Mortgages Quizizz

This the type of mortgage which the rate of interest may escalate or deescalate during the time of the loan is called.

• Fixed Rate Mortgage

• Adjustable Rate Mortgage

• Graduated Payments Mortgage

This is the type of mortgage where the home buyer makes small payments at the beginning of the loan and larger payments at the end.

• Fixed Rate Mortgage

• Adjustable Rate Mortgage

• Graduated Payments Mortgage

This is the type of mortgage in which the rate of interest remains the same during the time of the loan.

• Fixed Rate Mortgage

• Adjustable Rate Mortgage

• Graduated Payments Mortgage

You purchase a home for $212,000 and had to put down 10% of the price of the home as a down payment. What is the principal of the loan?

• $21,200

• $190,800

• $233,200

You take out a 30 year loan and you are setting up your monthly loan equation. What is the value that you will enter for N?

• 180

• 30

• 15

• 360

Your mortgage has an interest rate of 3.15%. What will your value of R be in the monthly mortgage equation?

• .0315/12

• .0315

• 3.15/12

Select the three options that represent ways that you can save money on a 30 year mortgage.

• Take out a second mortgage

• Refinance to a lower interest rate

• Fix up your house

• Refinance to a 15 year mortgage

• Make a larger down payment

You take out a 30 year mortgage for a principal amount of $212,970. Your monthly payment on your mortgage of $1,529.

• $190,035

• $337,470

• $183,130

Your are charged $1,350 a year for home owners insurance. Calculate your monthly insurance payment.

• $1,350

• $16,200

• $112.50

Your monthly mortgage payment is $1,174. Your yearly taxes on the house amount to $1,054 and your homeowners insurance costs you $765 a year. Calculate your PITI.

• $1,325.58

• $1,395.49

• $1,458.21