Mortgage Practice
Flashcard
•
Mathematics
•
9th - 12th Grade
•
Hard
+11
Standards-aligned
Wayground Content
FREE Resource
Student preview
15 questions
Show all answers
1.
FLASHCARD QUESTION
Front
What is a mortgage?
Back
A mortgage is a loan specifically used to purchase real estate, where the property serves as collateral for the loan.
Tags
CCSS.L.11-12.4C
CCSS.L.6.4C
CCSS.L.7.4C
CCSS.L.8.4C
CCSS.L.9-10.4C
2.
FLASHCARD QUESTION
Front
What does 'down payment' mean?
Back
A down payment is the initial amount of money paid upfront when purchasing a home, typically expressed as a percentage of the total purchase price.
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
3.
FLASHCARD QUESTION
Front
How do you calculate the total payment on a mortgage?
Back
Total payment = Monthly payment x Number of months in the loan term.
4.
FLASHCARD QUESTION
Front
What is the significance of the interest rate in a mortgage?
Back
The interest rate determines how much extra money will be paid on top of the principal amount borrowed over the life of the loan.
Tags
CCSS.7.RP.A.3
5.
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 loan term, while an adjustable-rate mortgage has an interest rate that may change at specified times.
6.
FLASHCARD QUESTION
Front
How is the monthly payment on a mortgage calculated?
Back
Monthly payment is calculated using the loan amount, interest rate, and loan term, often using a mortgage calculator or formula.
Tags
CCSS.8.EE.C.7B
7.
FLASHCARD QUESTION
Front
What does 'amortization' mean in the context of mortgages?
Back
Amortization is the process of paying off a loan over time through regular payments that cover both principal and interest.
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