Theme 9 Practice Test - Housing

Elaine and Ronald Sumter consider purchasing a new home for $179,000. A 15% down payment is required. What is the amount of the mortgage loan needed to finance the purchase?

• $11,933.33

• $26,850.00

• $152,150.00

• $205,850.00

The Lawrences consider purchasing a new home for $224,000. A 10% down payment is required. What is the amount of the mortgage loan needed to finance the purchase?

• $22,400

• $171,360.00

• $179,200.00

• $201,600.00

Tracy and Allen Van Steenburgh have applied for a $100,000 loan at an annual interest rate of 6.50%. The loan is for a period of 20 years and will be paid in equal monthly payments that include interest. According to the table below, what is the total amount of interest charged?

• $193,440.00

• $150.000.000

• $79.040.00

• $50,000.00

Cassie and Todd Bennett have applied for a $280,000 loan at a 6.5% annual interest rate. The loan is for 30 years, and the Bennett's will pay it in equal monthly payments that include interest. What is the total amount of interest charged?

• $637,056

• $530,880

• $357,056

• $250,880

Lori and Percy Saunders have been granted a mortgage loan at an annual interest rate of 7% for 25 years. The home has a selling price of $129,000. They need a 15% down payment, and their bank will allow them to finance the closing costs as part of the mortgage. According to the closing costs listed below, what is the actual amount financed with the mortgage?

• $116,714.00

• $109,650.00

• $26,414.00

• $7,064.00

Tiffany and Mika Oberneder have been granted a mortgage loan at an annual interest rate of 6.5% for 30 years. The home has a selling price of $225,000. They need a 15% down payment, and their bank will allow them to finance the closing costs as part of the mortgage. According to the closing costs listed below, what is the actual amount financed with the mortgage?

• $238,100.00

• $229,100.00

• $194,911.25

• $182,873.24

The replacement value of the Hernandez's home is estimated at $140,000. They have insured their home for 80% of the replacement value. According to the figures below, what is the amount of coverage on the Hernandez's personal property?

• $112,000

• $56,000

• $22,400

• $5,600

The replacement value of the Bonner home is estimated at $240,000. They have insured their home for 80% of the replacement value. According to the figures below, what is the amount of insurance on the Bonner's garage and other structures?

• $19,200

• $38,400

• $96,000

• $192,000

The replacement value of the Sill's home is estimated at $250,000. They have insured their home for 80% of the replacement value. The home is of wood frame construction and has been rated in fire protection class 7. According to the table below, what is the annual premium?

• $998

• $943

• $850

• $791

The replacement value of the Justin Zimmerman's home is $150,000 and he has it insured for 80% of its replacement value. The home is of brick and has been rated in fire protection class 9. What is the annual premium?

• $821

• $781

• $635

• $605