Review 10.1 to 10.3

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

If you have a mortgage with a 20-year terms, how many payments will you probably have to make?

• 20

• 200

• 240

• 360

Tags

CCSS.HSF-LE.A.1C

What is one of the advantages to making a larger down payment?

• You will need a smaller loan

• You will need a bigger loan

• You will need a higher interest rate

• You will need a lower intererest rate

Tags

CCSS.7.RP.A.3

A variable interest rate will remain the same over the entire loan

• True

• False

Tags

CCSS.6.RP.A.3C

Linda Griffith is planning to buy rental property. She finds a home priced at $92,000. What is the amount of Griffith's loan if a down payment of 10% is required?

• $87,900

• $81,800

• $92,610

• $82,800

Tags

CCSS.6.RP.A.3C

Patti Green and her husband are purchasing a condominium for $123,000. They have $15,000 for a down payment. What amount is their mortgage?

• $120,000

• $108,000

• $110,850

• $116,700

Tags

CCSS.6.NS.B.3

Erin Thompson agreed to purchase a house for $97,900. Hoover Mortgage is willing to lend her money at 8% for 30 years provided Thompson can make a down payment of $8,000. The total closing costs are 3% of the mortgage. What are the total closing costs?

• $3,450

• $2,280

• $2,697

• $2,487

Tags

CCSS.7.RP.A.3

Josh Paltrow and his wife Susan are buying their first home for $125,000. They've been granted a mortgage loan at annual interest rate of 8.5% for 20 years with a $25,000 down payment. Closing costs are 2% of the amount of the mortgage loan and will be financed as part of the mortgage. What is the actual amount financed with the mortgage?

• $125,000

• $100,000

• $120,000

• $102,000

Tags

CCSS.7.RP.A.3

Which of the following is "Not" part of the monthly house payment?

• Real Estate Taxes

• Utilities

• Mortgage

• Insurance

Dan Miller has been granted a $120,000 mortgage loan. When signing the papers to purchase his new home, he will need to pay the closing costs shown. What are the total closing costs?

• $4,565

• $4,650

• $3,270

• $4,500

Tags

CCSS.7.EE.B.3