Mortgages
Authored by Troy Oelschlager
Mathematics
10th - 12th Grade
CCSS covered
Used 48+ times
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25 questions
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1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What is the consequence of having a poor credit score?
2.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
You want to pay less in overall interest. Every loan APR is the same. Select the best mortgage for you.
Tags
CCSS.8.F.A.2
CCSS.HSF.IF.C.9
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Assuming you do not overborrow or overpay, have a stable job, and have no desire to move, buying your own home is usually a better choice than renting.
Tags
CCSS.HSS.MD.B.5
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What percent of your monthly NET income should your monthly mortgage, taxes, and insurance be?
45% - 50%
40% - 45%
35% - 40%
Less than 35%
Tags
CCSS.8.EE.C.7B
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When you read a credit application (i.e. credit card, mortgage) and it says the loan is accompanied with a 20% Annual Percentage Rate (APR). What does this mean?
You'll pay 20% of your income on the loan each year
The bank will only charge you 20% of the loan each year
The bank will pay you 20% of what you charge while you have the loan
You'll pay 20% of the amount you sill owe on the loan in interest each year
Tags
CCSS.6.RP.A.3C
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Mortgages with shorter terms have higher monthly payments. Why would anyone want a short-term mortgages?
You pay less in principal in total
You pay less interest in total
You pay less in property taxes in total
You pay less in insurance and processing fees
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Tim describes a mortgage as an investment. What is an investment?
A kind of loan with high interest
A way to acquire property
A way to buy things in monthly installments
A way to grow your money over time
Tags
CCSS.RL.2.6
CCSS.RL.8.3
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