11.1 Homework

Name:

Period:

• 1
• 7

1. Homer and Marge want to buy a home selling for $320,000. They have $96,000 saved away for the down payment. What % down payment would this be?

• 10%
• 20%
• 30%
• 40%

Find the (a) down payment.

Find the (b) amount of the mortgage.

3. Beth has saved $31,750 for a down payment on her new condo. Her bank has informed them that the minimum down payment required to obtain a mortgage loan is 17%. What is the most she can spend on her new condo?

4. Dan and Sue have save $28,000 for a down payment on their future home. The bank informed them that to get approved for a mortgage they must have 25% down. What is the most that they can spend for a home and expect to be approved on the loan?

• $7,000
• $248,000
• $480,000
• $112,000

5. What is a mortgage?