Unit 2 Lesson 1/2/3 Quiz Review

A 1400 sqft house is advertised for sale at a price of $125,000. What is the cost per square foot?

• $99.29

• $89.29

• $37.50

Home prices in a certain neighborhood average $97.86 per square foot. If a house is 1400 sqft, what should it be priced at?

• $137,000

• $140,000

• $120,000

A seller has a house that is 1700 sqft. The neighborhood comps show the line of best fit to be y = 0.074x + 50.48 where y is thousands of dollars and x is square feet. How would I determine the a fair price?

• Plug 1700 in for x

• Plug 1700 in for y

A house is listed for sale at $205,000, but the listing does not include square footage of the house. Based on the comps, the line of best fit is y = 0.07x + 50.5 where y is thousands of dollars and x is square feet. If the price is fair, how would I determine what the size of the house should be?

• Plug 205000 in for x

• Plug 205000 in for y

• Plug 205 in for y

Leila is considering buying her first home. The house she is interested in buying is priced at $125,000. Leila can put down a $20,000 payment, and she qualifies for a 30-year mortgage at 6%. What would enter in the Advanced Loan Calculator as the Loan Amount?

• 125000
• 105000
• 145000

Randy can afford a $1200 monthly mortgage payment. If the current mortgage rates are 5% and he wishes to have a 30-year mortgage, which calculation method would I choose on the Advanced Loan Calculator to determine the pre-approval amount?

• "Find Payment Amount"

• "Find Loan Amount"

• "Find number of Payments"

Gladys has just purchased a new home. The house was priced at $105,000, and she chose a 40-year mortgage at 5.2%. If I used the Advanced Loan Calculator, where would I find the total cost of the loan?

• After hitting calculate

• Creating an Amortization Schedule

Gladys has just purchased a new home. The house was priced at $105,000, and she chose a 40-year mortgage at 5.2%. If I used the Advanced Loan Calculator, where would I find the total interest paid for the loan?

• Clicking Calculate

• Create an Amortization Schedule

You are considering a 5/1 ARM. What does the 5 represent?

• the number of years that a fixed interest rate will be applied to loan

• Years of the loan

• Interest rate of loan

Izzy has obtained a 5/1 30-year ARM to purchase a $165,000 home. The fixed-interest rate is 4.75%, followed by a 5% rate with a 1.5% margin. How would I find the new interest rate?

• rate + margin

• rate - margin