Mortgage
Authored by Dan Herr
Mathematics
11th - 12th Grade
CCSS covered
Used 5+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
If you are obtaining a $120,000 loan and the bank charges 4.1% plus $250 and 2½ points, what are the one-time charges?
3000
3150
3250
3350
Tags
CCSS.7.RP.A.3
2.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
If you are obtaining a $190,000 loan and the bank charges 3.9 % plus $350 and 3½ points, what are the one-time charges?
8000
7000
6000
50000
Tags
CCSS.7.RP.A.3
3.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Suppose you want to obtain a home loan for $170,000 and you get the following info.
Lender A: 4.5% + 2.5 points +$250;
Lender B: 4.8% + 1 point +$150
Lender A
Lender B
Tags
CCSS.7.RP.A.3
4.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Suppose you want to obtain a home loan for $190,000 and you get the following info.
Lender A: 4.5% + 3.5 points +$250;
Lender B: 4.8% + 1 point +$150
Lender A
Lender B
Tags
CCSS.6.NS.C.7A
CCSS.6.NS.C.7B
5.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Suppose your monthly income is $3700 and your current monthly payments on loans is $290. What is the maximum amount you should plan to spend on house payments?
1023
1228
1230
1245
Tags
CCSS.6.EE.B.8
6.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Suppose your monthly income is $3900 and your current monthly payments on loans is $950. What is the maximum amount you should plan to spend on house payments?
1052
885
1072
1092
Tags
CCSS.6.RP.A.3C
7.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Suppose your maximum house payment you can afford is $1,260 per month. What is the maximum loan you should seek if you will finance your purchase with a 4.5% 30-year loan? (Use your chart!)
245732.81
246413.91
248520.71
250312.56
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