Chapter 10 Sections 10.1-10.3 Review

What is a mortgage?

• A short term loan

• A charge account

• A home loan

• Interest

What are closing costs?

• All the interest you pay for your home loan

• The cost of closing down your business

• Property Taxes plus principal

• They include document preparation, property surveying, loan application fees, and points

If you are looking at a home that costs $430,000 and need to put down a 20% down payment, how much did you put down?

• $8,600,000

• $86,000

• $8,600

• $344,000

Tags

CCSS.6.RP.A.3C

The person who helps you buy a home is called a _____________ agent.

Tags

CCSS.RF.3.3B

CCSS.RF.3.3C

CCSS.RF.3.3D

CCSS.RF.4.3A

CCSS.RF.5.3A

The price of a home is $500,000. The interest rate is 7.5% and you plan to pay it off in 30 years. What is your monthly payment.

• $3,495

• $34,950

• $349,900

• $350

You will pay the following closing costs:

Loan application $250, Appraisal $550, Credit check $70, Points of 2% of your mortgage loan, Title Search and Insurance $650. If your mortgage is $365,000 what are your total closing costs?

• $2,250

• $74,520

• $7,420

• $8,820

Tags

CCSS.7.EE.B.3

You find a house on realtor for $250,000 and put down 10% for a down payment.

What is the Mortgage Loan Amount?

• $25,000

• $275,000

• $225,000

• $2,500

Tags

CCSS.6.RP.A.3C

The monthly payment for a mortgage is $1,650. If the buyer plans to pay off their home in 25 years, what would be the total amount paid?

• $495,000

• $41,250

• $412,50

• $594,000