Housing Quiz Review

Now that they have retired, Jordan Keniston and his wife have decided they need a smaller home. After selling their current home, they have $87,000 to use as a down payment. The home they are purchasing is $113,700. What is the amount of their mortgage loan?

• $26,400

• $50,320

• $26,700

• $45,734

Jonathan and Marty Boman purchased a home for $113,400. As first-time homeowners, the bank only requires a 5 percent down payment. The rest is financed at 6.5 percent for 30 years. What is the amount of their monthly payment?

• $680.85

• $754.11

• $923

• $723.40

Erin Thompson agreed to purchase a house for $97,900. Thompson can make a down payment of $8,000. The total closing costs are 3 percent of the amount of the mortgage loan. What are the total closing costs?

• $3,450

• $2,487

• $2,280

• $2,697

Tommy Webster obtained a 30-year, $110,000 mortgage loan from Peoples Savings. The interest rate is $1,340.47. How much of the first monthly payment is for principal?

• $698.73

• $712.75

• $687.50

• $832.74

Sue Gable obtained a mortgage loan for $189,600 at 7 percent for 25 years. Her monthly payment is $1,340.47. How much of the first monthly payment is for principal?

• $184.34

• $175.32

• $188.50

• 234.47

Tom Smith and his wife live in Providence, Rhode Island, where the tax rate is 29.52 mills. The rate of assessment is 100 percent. A tax assessor has determined that the market value of the Smith's home is $292,500. What is their real estate tax for a year?

• $9,349.56

• $8,874.34

• $8,634.60

• $9,176.43

Meghan Patterson received a tax statement showing that the market value of her home is $209,900. The rate of assessment in her locality is 40 percent. What is the assessed value of Patterson's home?

• $43,673

• $84,728

• $56,289

• $83,960

Craig Allen is considering purchasing a new home. He estimates the following monthly housing expenses: $972.45 for his mortgage payment, $27.75 for his insurance premium, $95.25 for real estate taxes, $98.64 for electricity, $44.40 for telephone service, and $11.20 for water. What is his total monthly housing cost?

• $2,458.61

• $1,249.69

• $1,945.25

• $1,985.24