Understanding Mortgage Calculations
Interactive Video
•
Mathematics, Business, Life Skills
•
9th - 12th Grade
•
Practice Problem
•
Hard
Emma Peterson
FREE Resource
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the principal amount of Jessica's loan?
$500,000
$400,000
$300,000
$200,000
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is the annual interest rate converted to a monthly rate?
Add 12
Divide by 12
Multiply by 12
Subtract 12
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the total number of monthly payments for Jessica's loan?
240
300
360
420
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the monthly mortgage payment calculated for Jessica?
$1,500.00
$1,610.46
$1,800.00
$1,700.00
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which formula is simpler for calculating the monthly mortgage payment?
The first formula
The second formula
Both are equally complex
Neither formula is simple
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How many total payments will Jessica make over the life of the loan?
300
360
240
420
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the total amount Jessica will repay over the loan period?
$579,770.00
$579,767.35
$579,775.00
$579,765.60
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