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Home Mortgage

Authored by Kenneth Johnson

Mathematics

9th Grade

CCSS covered

Used 4+ times

Home Mortgage
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9 questions

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1.

MULTIPLE CHOICE QUESTION

2 mins • 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.

Agree
Disagree

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What happens to the loan amount when you put down a larger down payment?

Decreases
Increases
No change

Tags

CCSS.7.RP.A.3

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What happens to the cost of a loan when the APR is higher?

Loan cost increases
Loan cost decreases
No change

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is the consequence of having a poor credit score?

None of these answers are correct
May pay a higher APR
May pay a lower APR
Go to jail

5.

MULTIPLE CHOICE QUESTION

2 mins • 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

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

If you are unable to repay your mortgage, what is the most likely result?

The bank might sell your home to recover its investment

You might have to go to prison

The bank might force you to take out an additional loan

The bank might take all they money and goods you own

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

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

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