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WorksheetsBuying a Home (Math) Review
Total questions: 18
Worksheet time: 3hrs 49mins
Pete pays $978 a year for real estate tax on his house.
He makes a tax payment quarterly.
How much does he pay each quarter for real estate tax?
$244.50
$195
$214
Chad pays $546 a year for real estate tax on his house.
He makes a tax payment each month.
How much does he pay each month for real estate tax?
$45.50
$35.25
$52.25
Sam found a house for $164,900. She needs a 20% down payment. How much does she need for down payment?
34,560
$32,980
$47,562
Larry found a house for $300,000. He pays 15% of price of the house as down payment. How much will the mortgage be?
$125,560
$225,500
$255,000
Martin wants to buy a house . He earns $45,000 a year. How much can he afford to borrow to buy a house. (Use banker's rule to solve)
$112,500
$125,560
$200,000
Security given for the payment of a loan is called:
Collateral
down payment
credit
The amount of money paid upfront at the time of purchase.
security deposit
collateral
down payment
A secure loan that is protected by security, or collateral, to ensure loan repayment.
Securitized loan
credit
down payment
Putting money into something to gain profitable returns.
Credit
Investment
Collateral
The final step in executing the real estate transaction. (sign contract to buy the house)
Closing
down payment
Closing cost
several fees that must be paid at the time of closing.
Closing
Closing cost
expenses
taxes on homes to raise money for schools and other services provided by local government are called:
real estate tax
income tax
expenses
Quarterly means...
every 3 months or 4 times a year
every 6 months or 2 times a year
every 2 months of 6 times a year
Sheena pays $2080 a year for real estate tax.
She pays the bank her real tax and mortgage payment together each month.
Her mortgage payment is $915 per month.
How much does she pay the bank each month?
$1100.50
$1088.33
$915
Hannah pays $480 a year for real estate tax on her house.
She makes a tax payment each quarter.
How much does her pay each quarter for real estate tax?
$120
$150
$160
Chris pays $1,780 a year for real estate tax on his house.
He sends a real estate tax payment each month to the bank with his mortgage payment.
His mortgage payment is $820 a month.
How much does he pay the bank altogether each month?
$968.33
$1000
$974.54
Alia’s closing costs are 5% of the price of the house. Her new house costs $150,000. How much will Alia have to pay for closing costs?
$6,500
$7,500
$8,500
Jack found a house he likes that cost $85,000 to buy the house. What annual income do you need to afford to borrow $ 85,000? (Hint: divide price by 2.5)
$45,000
$24,000
$34,000
