The following statements describe accurately the terms of this mortgage:
-"The monthly interest rate is 4 percent". This means that each month, the owner will have to pay the normal fee plus 4% of it.
-"Monthly payments must be for 30 years". This means that the owner will have to make a payment every month for 30 years in order to pay their debt.
-"The homeowner is borrowing $200.000". This is the amount of money the homeowner is borrowing from the bank or company, which they will pay by making monthly payments for 30 years.
The other three statements do not describe the terms of the mortgage as they misunderstand the details.
-Payments must be made for 30 years, with 12 months each year, it makes it 360 payments in total. Not monthly payments for 360 years and the homeowner is not borrowing $360.000 either.
-The annual interest rate is not 4.8% . The correct way to find this value is by taking into account days and months, which would make it be around 60%.
Pluralistic ignorance is most closely related to<u> Uncertainty condition</u> for social proof.
<h3>What is Pluralistic Ignorance?</h3>
Pluralistic ignorance is a significant cognitive fallacy that all individuals, some more than others, experience. It is the mistaken belief that one's thoughts or values are different than the perceived thoughts of the majority.
Pluralistic ignorance is connected to social norms and other aspects of public behavior. It is evidenced by situations in which individuals have one or more beliefs, values, or priorities that they believe differ from those of the rest of the members of the group.
When everyone in the group is uncertain and looking around for clues to appropriate behavior, the result can sometimes lead to "pluralistic ignorance."
Pluralistic ignorance occurs when individuals infer that the identical actions of the self and others reflect different internal stress.
<u>Three steps to pluralistic ignorance:</u>
- People self-censor. They do not always express their true thoughts and feelings for fear of embarrassment/rejection
- People incorrectly conclude others are expressing their true feelings and thoughts, even though they are censoring
- People conclude their own thoughts/feelings are not shared by others
Learn more about Pluralistic Ignorance on:
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Answer: The Great Depression Because of WW1
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They practiced their religion in exile by worshipping in small groups at synagogues.
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