8.1 HW Flashcardizz - Mortgage Loans/Down Payments

Front

What is a down payment?

Back

A down payment is an initial payment made when purchasing a home, typically expressed as a percentage of the total purchase price.

Tags

CCSS.6.RP.A.3C

Front

How do you calculate the down payment amount?

Back

To calculate the down payment amount, multiply the purchase price of the home by the down payment percentage.

Tags

CCSS.6.RP.A.3C

Front

If a house costs $500,000 and the down payment is 20%, what is the down payment?

Back

$100,000

Tags

CCSS.6.RP.A.3C

Front

What is a mortgage?

Back

A mortgage is a loan specifically used to purchase real estate, where the property serves as collateral.

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.3

CCSS.RI.9-10.3

CCSS.RI.9-10.5

Front

How do you calculate the mortgage amount?

Back

To calculate the mortgage amount, subtract the down payment from the total purchase price of the home.

Tags

CCSS.7.RP.A.3

Front

If a house costs $400,000 and the down payment is 15%, what is the mortgage amount?

Back

$340,000

Tags

CCSS.6.RP.A.3C

Front

What is an installment loan?

Back

An installment loan is a type of loan that is repaid over time with a set number of scheduled payments.

Front

What is an auto loan?

Back

An auto loan is a type of installment loan specifically used to finance the purchase of a vehicle.

Front

What is the principal in a mortgage?

Back

The principal is the original sum of money borrowed in a mortgage, excluding interest.

Tags

CCSS.7.RP.A.3

Front

What is interest in the context of a mortgage?

Back

Interest is the cost of borrowing money, typically expressed as a percentage of the principal.

Tags

CCSS.7.RP.A.3