Let's analyze each statement to determine the correctness based on the provided mortgage details:
1. The homeowner is borrowing \[tex]$360,000:
- False. The principal amount borrowed is \$[/tex]2,000,000, not \[tex]$360,000.
2. The monthly interest rate is 4 percent:
- True. According to the given mortgage terms, the monthly interest rate is indeed 4%.
3. Monthly payments must be made for 30 years:
- True. The total number of monthly payments is 360, which corresponds to a 30-year term.
4. The annual interest rate is 4.8 percent:
- False. The annual interest rate actually is different and can be calculated from the monthly rate. The annual interest rate is \((1 + 0.04)^{12} - 1 \approx 60.1\%\).
5. The homeowner is borrowing \$[/tex]200,000:
- True. As stated in the table, the principal borrowed is indeed \[tex]$2,000,000.
6. Monthly payments must be made for 360 years:
- False. The monthly payments must be made over 360 months, which equals 30 years, not 360 years.
### Summary:
Here are the correct statements which accurately describe the terms of this mortgage:
- The monthly interest rate is 4 percent.
- Monthly payments must be made for 30 years.
- The homeowner is borrowing \$[/tex]2,000,000.
