ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The price paid for the use of someone else’s property
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rent
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mortgage
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down payment
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closing costs
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Explanation:
Detailed explanation-1: -The down payment is the portion of the purchase price that you pay out-of-pocket, as opposed to borrowing. Down payments are often, but not always, part of obtaining a loan.
Detailed explanation-2: -Economic rent is: the amount paid for a resource over and above its opportunity cost.
Detailed explanation-3: -Utilities. One of the biggest renting costs-aside from your rent itself-is your utilities. You’ll be paying these once a month, with the cost of each utility usually going up or down depending on your usage.
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