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F.A. U6L3 MORTGAGE APPLICATION PROCESS

Authored by Carmen Velasquez

Mathematics

11th - 12th Grade

Used 6+ times

F.A. U6L3  MORTGAGE APPLICATION PROCESS
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5 questions

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1.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

The Jacobs family is planning to buy a home. They have some money for a down payment

already. They see a home they like and compute that they would need to borrow $213,000

from a bank over a 30-year period. The APR is 6.75%.

a. What is the monthly payment, to the nearest cent?

$1,391.51

$1,813.65

$1,381.51

$1,318.56

2.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

The Jacobs family is planning to buy a home. They have some money for a down payment

already. They see a home they like and compute that they would need to borrow $213,000

from a bank over a 30-year period. The APR is 6.75%.

b. What is the total of all of the monthly payments over the 30 years?

$447,343.60

$497,343.60

$794,343.60

$397,343.60

3.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

The Jacobs family is planning to buy a home. They have some money for a down payment

already. They see a home they like and compute that they would need to borrow $213,000

from a bank over a 30-year period. The APR is 6.75%.

c. What is her total interest for the 30 years?

$243,343.60

$228,343.60

$248,343,60

$284,343,60

4.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

If you borrow $200,000 at an APR of 8% for 25 years, you will pay more per month than if you

borrow the money for 30 years at 8%.

a. What is the monthly payment on the 25-year mortgage, to the nearest cent?

$1,543.63

$1,400.63

$1,253.63

$1,643.63

5.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

If you borrow $200,000 at an APR of 8% for 25 years, you will pay more per month than if you

borrow the money for 30 years at 8%.

b. What is the total interest paid on the 25-year mortgage?

$223,086

$243,090

$263,089

$285,050

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