
Mortgages
Flashcard
•
10th - 12th Grade
•
Practice Problem
•
Hard
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6 questions
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1.
FLASHCARD QUESTION
Front
What is a mortgage loan?
Back
A real-estate loan that gives the lender the right to take and sell the property if the borrower fails to make the payments on the loan.
2.
FLASHCARD QUESTION
Front
What is a down payment?
Back
A portion of the cash price of an item that has to be paid before financing the rest on credit.
3.
FLASHCARD QUESTION
Front
Calculate the down payment: 20% of 234,900
Back
$46,980
4.
FLASHCARD QUESTION
Front
What is the 15% down payment of a home purchased at the price of $439,000?
Back
$65,850
5.
FLASHCARD QUESTION
Front
What is the cost of the mortgage loan of a house that sold for $235,600 with a 25% down payment?
Back
$176,700
6.
FLASHCARD QUESTION
Front
What is the cost of the mortgage loan of a house that sold for $389,750 with a 18% down payment?
Back
$319,595
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