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Understanding Mortgage Calculations

Understanding Mortgage Calculations

Assessment

Interactive Video

Mathematics

9th - 10th Grade

Practice Problem

Hard

Created by

Jennifer Brown

FREE Resource

5 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the total amount Marissa needs to borrow for her home purchase?

$270,000

$250,000

$230,000

$20,000

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How is the annual interest rate converted to a monthly rate in the mortgage formula?

By subtracting 12

By multiplying by 12

By dividing by 12

By adding 12

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the total number of monthly payments for Marissa's 30-year mortgage?

360

30

300

12

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which calculator function is recommended for maintaining accuracy in calculations?

Answer function

Percentage function

Memory function

Square root function

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is Marissa's final monthly mortgage payment rounded to the nearest dollar?

$1,300

$1,221

$1,200

$1,250

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