Chapter 10 Test Review

(10.1) Kyle is buying a home for $250,000.00. His lender requires a 3.5% down payment. What is the amount of his mortgage?

• $250,000.00

• $241,250.00

• $8,750.00

• .035

Tags

CCSS.6.RP.A.3C

(10.1) If you buy a home for $510,000.00 and need a 5% down payment, your down payment will be $ (a)  

Tags

CCSS.6.RP.A.3C

(10.2) Find the monthly payment if your mortgage principal is $215,000.00 with a 6% interest rate for 30 years.

Hint: (remember what you need to do with the interest rate and years)

• $7,735.47

• $15,619.52

• $12,900.00

• $1,289.03

Answer explanation

Interest rate needs to be divided by 12, and years needs to by multiplied by 12, then you can put all the numbers into the formula and use your calculator.

(10.2) Julissa is buying a home for $189,000 and will have a 10% down payment. Her interest rate is 8% with a 20 year term. What is the total amount of interest she will pay?

• $1,422.04

• $341,289.60

• $171,189.60

• 8%

Tags

CCSS.HSA.SSE.B.4

(10.3) If the amount of your mortgage is $246,000.00, find all your closing costs from the table.

Closing costs are $ (a)  

Tags

CCSS.6.RP.A.3B

(10.4) Mohammed has a monthly payment of $2,756.00. The amount of his mortgage is $275,000.00 with a 9% interest rate. How much of his monthly payment goes to the principal?

• $693.50

• $1,833.33

• $274,077.33

• $2,756.00

(10.5) A home in Clovis has a market value of $418,000.00. The rate of assessment is 64% and the tax rate is 48.9 mills. Find the amount of real-estate taxes.

• $267,520.00

• $13,081.73

• .0489

• $20,440.20

Tags

CCSS.6.RP.A.3C

(10.6) A home has a replacement value of $363,500.00 and is insured for 90% coverage. The homeowner decides to purchase personal property coverage at 15%. What is the amount of personal property coverage?

• $327,150.00

• $49,072.50

• $54,525.00

• 105%

Tags

CCSS.6.RP.A.3C

(10.7) Mark bought a brick frame house with a replacement value of $571,250.00 and is coverage at 80%. If the fire protection class number for this home is 8, what is his annual premium?

• $457,000.00

• $1,675

• $1,306

• $1,773

Answer explanation

Remember: if your coverage isn't exactly on the same number, you need to go one level higher on the coverage.

Tags

CCSS.8.SP.A.4

(10.8) Sylvia has a gross monthly income of $2,615.00. Her monthly expenses include: water bill $110, electric bill $209, gas bill $83, internet $120, cable tv $174, and cell phone $145. Do her expenses fall within the 35% rule?

The ​ ​​ (a)   ​ fall within the 35% rule because her monthly expenses are ​ ​ (b)   ​ by ​ (c)  

• Do
• under
• $74.25
• Do not
• $100
• $62.38
• over

Tags

CCSS.6.RP.A.3C