Unit 7 Quiz Review

You have been approved for a $101,000, 30-year mortgage with an APR of 3.15%. How much of your first monthly payment will go toward principal?

• $265.12

• $265.13

• $168.90

• $168.91

Tags

CCSS.7.RP.A.3

You have been approved for a $101,000, 30-year mortgage with an APR of 3.15%. How much of your first monthly payment will go toward interest?

• $265.12

• $265.13

• $168.90

• $168.91

Tags

CCSS.7.RP.A.3

You have been approved for a $205,000, 25-year mortgage with an APR of 1.92%. How much of your first monthly payment will go toward principal?

• $328

• $329

• $532.94

• $533.94

Tags

CCSS.7.RP.A.3

You have been approved for a $205,000, 25-year mortgage with an APR of 1.92%. How much of your first monthly payment will go toward interest?

• $328

• $329

• $532.94

• $533.94

Tags

CCSS.7.RP.A.3

How much will be charged in prepaid interest on a $92,000 home with an APR of 2.07% that was closed on November 15 if there was a down payment of 5%?

• $79.33

• $79.34

• $78.30

• $73.08

Tags

CCSS.7.RP.A.3

How much will be charged in prepaid interest on a $142,050 home with an APR of 2.02% that was closed on June 19 if there was a down payment of 10%?

• $77.88

• $77.89

• $77.90

• $77.91

Tags

CCSS.7.RP.A.3

Sue and Eddie have an adjusted gross income is $159,900. Their monthly mortgage payment for the house they want would be $1,104. Their semi-annual property tax would be $3,140, and the homeowner's insurance premium would cost them $1,425 per year. They have a $534 per month car loan, and their average monthly credit card bill is $2,458. What is the back - end ratio? Round to the nearest percent.

(a)  

Tags

CCSS.7.RP.A.3

George has an adjusted gross income of $78,500. He would like to purchase a house that will have a monthly mortgage payment of $628. The semi - annual property tax is $1,690 and his annual homeowners insurance is $1,090. What is the front - end ratio? Round to the nearest percent.

(a)  

Tags

CCSS.7.RP.A.3

Brody has a mortgage with Key Bank. The bank requires that he pay his homeowners insurance, property taxes, and mortgage in one monthly payment to the bank. His monthly mortgage payment is $432. His semi-annually property tax bill is $972, and his annual home owner’s insurance bill is $1,050. How much is the monthly payments to Key Bank?

(a)  

Tags

CCSS.7.EE.B.3

Frank is purchasing a home for $89,000. He is borrowing the money from Huntington with an APR at 6.5% for 30 years. What will be the total interest Frank will pay at the end of 30 years?

(a)  

Tags

CCSS.7.RP.A.3