8-3: Mortgage Application Process

You are planning to buy a home. You have some money for a down payment already. You see a home you would like and compute that you would need to borrow $91,500 from a bank over a 25-year period. The APR is 3.28%. Calculate the interest paid.

• $447.34

• $447.35

• $134,205

• $42,705

• $42,702

You are planning to buy a home. You have some money for a down payment already. You see a home you would like and compute that you would need to borrow $115,250 from a bank over a 15-year period. The APR is 2.82%. Calculate the interest paid.

• $28,222.60

• $26,222.80

• $141,472.80

• $785.96

• $785.95

You are planning to buy a home. You have some money for a down payment already. You see a home you would like and compute that you would need to borrow $219,090 from a bank over a 20-year period. The APR is 1.9%. Calculate the interest paid.

• $1,097.99

• $1,098.00

• $263,517.60

• $44,426.70

• $44,427.60

You are planning to buy a home. You have some money for a down payment already. You see a home you would like and compute that you would need to borrow $187,000 from a bank over a 10-year period. The APR is 3.4%. Calculate the interest paid.

• $33,850.40

• $33,898.40

• $220,898.40

• $1,840.42

• $1,840.41

You are planning to buy a home. You have some money for a down payment already. You see a home you would like and compute that you would need to borrow $304,000 from a bank over a 30-year period. The APR is 2.99%. Calculate the interest paid.

• $1,280.03

• $1,280.04

• $460,814.40

• $156,814.40

• $156,810.80

The assessed value of your home is $175,000. The annual property tax rate is 2.1% of assessed value. What is the property tax?

• $3,655

• $3,665

• $3,675

• $3,685

• $3,695

The assessed value of your home is $201,000. The annual property tax is 3.4% of assessed value. What is the property tax?

• $6,834

• $6,835

• $6,836

• $6,837

• $6,838

The assessed value of your home is $72,085. The annual property tax is 4.9% of assessed value. What is the property tax?

• $3,532.16

• $3,532.17

• $3,532.18

• $3,532.19

• $3,532.20

The assessed value of your home is $82,999. The annual property tax is 5.3% of assessed value. What is the property tax?

• $4,398.98

• $4,398.97

• $4,398.96

• $4,398.95

• $4,398.94

The assessed value of your home is $65,000. The annual property tax is 0.99% of assessed value. What is the property tax?

• $643.10

• $643.20

• $643.30

• $634.40

• $643.50