4. Closing Cost and Pre-Paid Interest

Frank is buying a $250,000 home. He has been approved for a 5.75% mortgage. He was required to make a 15% down payment and will be closing on the house on July 15th. How much should he expect to pay in prepaid interest at the closing?

(a)  

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CCSS.7.RP.A.3

Bonnie is purchasing an apartment for $180,000. She has been approved for a 6% mortgage. She put 10% down and will be closing on April 22nd. How much will she expect to pay in prepaid interest?

(a)  

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CCSS.7.RP.A.3

How much will be charged in prepaid interest on a $500,000 loan with an APR of 4.725% that was closed on August 26th?

(a)  

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CCSS.7.RP.A.3

Liz and Nick are buying a $725,000 home. They have been approved for a 5.25% APR, 30 year mortgage. They made a 20% down payment and will be closing on March 11th. How much should they expect to pay in prepaid interest at the closing?

(a)  

Tags

CCSS.7.RP.A.3

Cole was approved for a $45,200 mortgage. What is the least amount he will be expected to pay at closing?

(a)  

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CCSS.6.RP.A.3D

Sandy is closing on a $40,000 home. She made a 10% down payment and is borrowing the rest. What is the greatest amount that she might expect to pay at the closing?

(a)  

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CCSS.6.RP.A.3C

Lisa was told that based on the price of her home, her approximate closing cost would range from $3,500 to $12,250. How much was the price of her home?

(a)  

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CCSS.8.EE.A.3

If the closing cost of a home range from $1,960 to $6,860, what is the price of the house?

(a)  

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CCSS.4.NBT.A.2

Calculate the pre-paid interest:

Amount Borrowed: $210,000

Interest Rate: 3.24%

Closing Date: May 6th

(a)  

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CCSS.7.RP.A.3

Calculate the pre-paid interest:

Cost of Home: $84,000

Down Payment: 5%

Interest Rate: 4.5%

Closing Date: August 3rd

(a)