7.4 Do Now

Liz and Rob purchased a house for $565,000. They put 20% down on the house. What was their down payment?

• $113,000

• $452,000

• $11,300

• $553,700

Tags

CCSS.6.RP.A.3C

Marcus and Kenya purchased a house for $325,000. They put 15% down on the house. What is their mortgage amount?

• $48,750

• $276,250

• $32,500

• $292,500

Tags

CCSS.6.RP.A.3C

Jen Sue got a $275,000 mortgage for 25 years at 6.0%. How much will the monthly mortgage payment be?

• $1,688.50

• $1,856.25

• $1,650

• $1,771

Juan put down 25% on a $190,000. What are the monthly mortgage payments for a 20 year loan at 7.5%?

(REMEMBER! To find the principle, SUBTRACT the down payment amount from the purchase price!)

• $47,500

• $142,500

• $1,148.55

• $966.08

Sam's mortgage was $164,000. The closing costs were 2% plus $3,500 in fees. What were his total closing costs?

• $3,280

• $3,500

• $6,780

• $160,720

Tags

CCSS.6.RP.A.3C

Kayla put down 18% on her apartment that had a purchase price of $175,000. How much money did she borrow to purchase the apartment?

• $26,250

• $143,500

• $31,500

• $148,750

Tags

CCSS.6.RP.A.3C

The closing cost on a $150,000 mortgage were 2.5% plus $2,400 in fees. What were the total closing costs?

• $3,750

• $6,150

• $37,500

• $39,900

Tags

CCSS.6.RP.A.3C

The loan a person gets to purchase a house or a condominium is called a __________.

• principal loan

• interest term loan

• P&I loan

• mortgage

Charlie and Rhonda bought a house for $258,000 and put 15% down. Their mortgage is for 30 years at 9%. What is the mortgage amount and the monthly mortgage payments? CHOOSE TWO ANSWERS.

• $38,700

• $219,300

• $234,780

• $1,889.98

• $1,765.37

Bryan wants to purchase a condo at Fox Run for $186,000. He is required to put 25% down. How much money must he have saved up for his down payment in order to purchase the condo?

• $37,200

• $189,500

• $46,500

• $4,650

Tags

CCSS.6.RP.A.3C