10-3 practice

James and Joanne intend to purchase a new home for $248,075. They will make a 15% down payment, and then finance the remaining balance with a 25 year mortgage at 7% APR. They will need to pay 1.5% of the loan amount in closing costs, in addition to a total of $345 in fees for various services. How much do they pay for the down payment?

• $198,460

• $49,615

• $37,211.25

• $210,863.75

James and Joanne intend to purchase a new home for $248,075. They will make a 15% down payment, and then finance the remaining balance with a 25 year mortgage at 7% APR. They will need to pay 1.5% of the loan amount in closing costs, in addition to a total of $345 in fees for various services. What is their loan amount, before closing costs?

• $198,460

• $49,615

• $37,211.25

• $210,863.75

James and Joanne intend to purchase a new home for $248,075. They will make a 15% down payment, and then finance the remaining balance with a 25 year mortgage at 7% APR. They will need to pay 1.5% of the loan amount in closing costs, in addition to a total of $345 in fees for various services. Before closing costs, their loan amount is $210,863.75. Assuming they finance the closing costs, what is their total mortgage loan, including closing costs?

• $214,026.71

• $214,371.71

• $211,208.75

• $210,863.75

James and Joanne intend to purchase a new home for $248,075. They will make a 15% down payment, and then finance the remaining balance with a 25 year mortgage at 7% APR. They will need to pay 1.5% of the loan amount in closing costs, in addition to a total of $345 in fees for various services. After closing costs, their loan amount is $214,371.71. What is their monthly payment?

• $1,515.61

• $1,425.57

• $1,661.38

• $1,447.01

James and Joanne intend to purchase a new home for $248,075. They will make a 15% down payment, and then finance the remaining balance with a 25 year mortgage at 7% APR. They will need to pay 1.5% of the loan amount in closing costs, in addition to a total of $345 in fees for various services. After closing costs, their loan amount is $214,371.71. They make monthly payments of 1,515.61. What is the total amount repaid over the term of the loan?

• $18,187.32

• $454,683

• $37,890.25

• $363,746.40

James and Joanne intend to purchase a new home for $248,075. They will make a 15% down payment, and then finance the remaining balance with a 25 year mortgage at 7% APR. They will need to pay 1.5% of the loan amount in closing costs, in addition to a total of $345 in fees for various services. After closing costs, their loan amount is $214,371.71. They make monthly payments of 1,515.61. What is the total finance charge?

• $211,785.15

• $454,683

• $214,371.71

• $240,311.29

Justine plans to purchase a new home for $189,750. She will make a 20% down payment, and then finance the remaining balance with a 20 year mortgage at 8.5% APR. She will need to pay 2.25% of the loan amount in closing costs, in addition to a total of $483 in fees for various services. How much do they pay for the down payment?

Justine plans to purchase a new home for $189,750. She will make a 20% down payment, and then finance the remaining balance with a 20 year mortgage at 8.5% APR. She will need to pay 2.25% of the loan amount in closing costs, in addition to a total of $483 in fees for various services. What is her loan amount, before closing costs?

Justine plans to purchase a new home for $189,750. She will make a 20% down payment, and then finance the remaining balance with a 20 year mortgage at 8.5% APR. She will need to pay 2.25% of the loan amount in closing costs, in addition to a total of $483 in fees for various services. Assuming she finances the closing costs, what is her total mortgage loan, including closing costs?

Justine plans to purchase a new home for $189,750. She will make a 20% down payment, and then finance the remaining balance with a 20 year mortgage at 8.5% APR. She will need to pay 2.25% of the loan amount in closing costs, in addition to a total of $483 in fees for various services. What is her monthly payment?