10.1 - 10.5 Costs of a Home

Ashlind has found a home she would like to purchase. The seller accepts her offer of $210,900. Ashlind will make a down payment of 15%. What is the amount of her mortgage loan?

• $123,764
• $180,009
• $179,265
• $185,000

Danielle’s mortgage loan amount is $87,750. She financed her house for 30 years with monthly payments of $725. At the end of 30 years, what will be the total amount of interest charged?

• $173,250
• $261,000
• $152,725
• $116,115

Use Figure 10.1 in your book. Mark purchased a home for $113,400. As a first-time homeowner, the bank only requires a 5% down payment. The rest is financed at 6.5% for 30 years. What is the amount of his monthly payment?

• $652.30
• $597.25
• $609.50
• $680.85

Jade and her sister obtained a 25-year, $120,000 loan for their new home. The interest rate is 7.5% and their monthly payment is $886. How much of the first payment is for interest?

• $136
• $145
• $750
• $886

The Huron County tax assessor determines that the market value of Zach’s home is $109,000. The rate of assessment in Huron County is 39% of market value. What is the assessed value of Zach’s home?

• $42,510
• $34,440
• $32,220
• $44,840

The selling price of the home Chuck Hill is buying is $135,000. He must make a 15% down payment. How much will he finance?

• $133,500
• $135,000
• $114,750
• $120,000

A townhouse's market value is $163,000. Rate of assessment is 36%. Tax rate is 75 mills. What is the annual real estate tax?

• $4401
• $401
• $4000
• $5868

Selling price: $276,00. Down payment: 25%. Terms: 8% for 15 years. What is the total interest charged?

• $145,925.00
• $149,205.60
• $69,000.55
• $194,205.23

Kalob has been granted a $120,000 mortgage loan. His closing costs include the following: $25 application fee, $65 credit check, $350 appraisal fee, $215 title search, $450 title insurance, $400 attorney fee, 2% of mortgage for points, .3% of mortgage for documentation stamp, 1.25% of mortgage for processing fee. What are the total closing costs?

• $7,340
• $6,120
• $4,235
• $5,765

Which of the following is not a way to measure the value of a piece of real estate?

• Market Value
• Appraised Value
• Taxed Value
• Assessed Value