What is the purchase price of the house Jane and Rick are buying?

Calculating Loan Interest and Payments

Interactive Video
•
Mathematics
•
9th - 10th Grade
•
Hard

Thomas White
FREE Resource
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15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
$250,000
$200,412
$180,000
$220,233
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the APR of the mortgage Jane and Rick have been approved for?
4.5%
3.75%
5.14%
6.0%
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What percentage of the house price are Jane and Rick planning to pay as a down payment?
10%
15%
5%
9%
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How much money do Jane and Rick need to borrow from the bank after the down payment?
$200,412.03
$220,233.00
$180,000.00
$210,000.00
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why do Jane and Rick not need to borrow the entire house price?
The bank offered a lower rate
They are making a down payment
They received a discount
They are paying in cash
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the first step in calculating the interest rate for the loan?
Subtract the down payment from the house price
Convert the APR to a decimal
Multiply the borrowed amount by the APR
Divide the APR by 12
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the interest amount for the year based on the borrowed amount?
$11,000.00
$9,500.00
$10,301.18
$8,750.00
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