Home mortgage (MAKEUP)
Authored by Erika Montelongo
Mathematics
11th Grade
CCSS covered
Used 3+ times
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15 questions
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1.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
What is the money you borrow called?
interest
principal
down payment
Tags
CCSS.7.RP.A.3
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The fee a bank charges to loan you money is called ________________.
mortgage
principal
interest
Tags
CCSS.7.RP.A.3
3.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Imagine Elijah takes out a mortgage to buy a house, choosing the longest repayment period offered. The downside of this decision is that the longer Elijah has the mortgage, the more _____.
collateral that is required by the bank
risk of defaulting on the mortgage
equity will build after seven years
total amount of interest paid
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the annual interest is 24%, what is the monthly interest rate?
24%
.24
2%
2
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the typical length for a mortgage loan?
3-5 years
36-60 months
15-30 months
15-30 years
Tags
CCSS.8.EE.C.7B
6.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What is a mortgage?
is an unchanging rate charged on a liability, such as a loan or mortgage.
is a loan from a bank that a person can use to finance the purchase of a house.
The amount of money a person pays upfront on a loan/payment.
s a type of loan where the interest changes according to changes in market interest rates.
Tags
CCSS.RI.11-12.3
CCSS.RI.11-12.5
CCSS.RI.8.5
CCSS.RI.9-10.3
CCSS.RI.9-10.5
7.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What is a Down Payment?
is an unchanging rate charged on a liability, such as a loan or mortgage.
is a loan from a bank that a person can use to finance the purchase of a house.
The amount of money a person pays upfront on a loan/payment.
s a type of loan where the interest changes according to changes in market interest rates.
Tags
CCSS.7.RP.A.3
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