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Mortgage Review

Authored by Dan Herr

Mathematics

11th - 12th Grade

CCSS covered

Used 26+ times

Mortgage Review
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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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