Mortgage Review
Authored by Dan Herr
Mathematics
11th - 12th Grade
CCSS covered
Used 26+ times
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12 questions
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1.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
If you are obtaining a $195,000 loan and the bank charges 4.1% plus $250 and 2½ points, what are the one-time charges?
$4475
$5125
$5575
$5625
Tags
CCSS.6.RP.A.3D
2.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Suppose you want to obtain a home loan for $150,000 and you get the following info.
Lender A: 4.6% + 2.5 points +$250;
Lender B: 4.7% + 1 point +$150
Which lender should you choose?
A
B
Neither
Tags
CCSS.6.NS.C.7A
CCSS.6.NS.C.7B
3.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Suppose you want to obtain a home loan for $210,000 and you get the following info.
Lender A: 4.4% + 1.5 points +$850;
Lender B: 4.6% + 1.5 points +$50
Which should you choose?
A
B
Quit, n just cry
Tags
CCSS.7.RP.A.3
4.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
You want to buy a house that is valued at $215,000. You are putting 15% down. What is the down payment? What is the loan amount?
15; 214985
3225; 211,775
32,250; 182,750
107,500; 107500
Tags
CCSS.6.RP.A.3C
5.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Home Value: 230,000
Down payment: 20%
The bank charges 3.9 % plus $450 and 2½ points, how much total (down payment and one time charges) must you bring to closing?
5,050
40,950
46,000
51,050
Tags
CCSS.7.RP.A.3
6.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Suppose your monthly income is $3700 and your current monthly payments on loans is $1290. What is the maximum amount you should plan to spend on house payments?
723.00
776.70
777.60
723.70
Tags
CCSS.6.RP.A.3B
7.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Suppose your monthly income is $3800 and your current monthly payments on loans is $750. What is the maximum total loan amount you could get for a 20 year 4.0% loan?
Use the chart in your notes please!
150,990.09
150,990.10
150,990.11
150,990.08
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