What is a mortgage?
8.3A Mortgage Payments & Escrow Worksheet

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Mathematics
•
11th - 12th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
A mortgage is a loan specifically used to purchase real estate, where the property serves as collateral for the loan.
2.
FLASHCARD QUESTION
Front
What does APR stand for in mortgage terms?
Back
APR stands for Annual Percentage Rate, which represents the yearly interest rate charged on a loan.
3.
FLASHCARD QUESTION
Front
How do you calculate monthly mortgage payments?
Back
Monthly mortgage payments can be calculated using the formula: M = P[r(1+r)^n] / [(1+r)^n – 1], where M is the total monthly mortgage payment, P is the loan principal, r is the monthly interest rate, and n is the number of payments.
4.
FLASHCARD QUESTION
Front
What is the purpose of escrow in mortgage payments?
Back
Escrow is used to hold funds for property taxes and insurance, ensuring that these payments are made on time.
5.
FLASHCARD QUESTION
Front
How is total interest paid over the life of a mortgage calculated?
Back
Total interest is calculated by subtracting the principal amount borrowed from the total amount paid over the life of the loan.
6.
FLASHCARD QUESTION
Front
What is a down payment?
Back
A down payment is the initial upfront payment made when purchasing a home, typically expressed as a percentage of the purchase price.
7.
FLASHCARD QUESTION
Front
What is the difference between a fixed-rate mortgage and an adjustable-rate mortgage?
Back
A fixed-rate mortgage has a constant interest rate throughout the life of the loan, while an adjustable-rate mortgage has an interest rate that may change at specified times.
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