Mortgage Review

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

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

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

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

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

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

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

A home is valued at $250,000. You can afford a $1152 a month payment. The loan you get is a 30 year at 4.25%. How much down payment is needed?

• 15,853.66

• 17,941.11

• 232,058.89

• 234,146.34

Suppose that you want to purchase a home for $205,000 with a 30-year mortgage at 4.5% and you put 10% down. What is the amount financed?

• 20,500

• 61,500

• 184,500

• 205,000

Tags

CCSS.7.RP.A.3

Suppose that you want to purchase a home for $205,000 with a 30-year mortgage at 4.5% and you put 10% down. What are the monthly payments? (Amount financed was $184,500)

Use the table in your notes

• 925.23

• 935.42

• 945.34

• 955.02