Free Printable Mortgages and Interest

1.

Dave and Amy Simms have applied for an $340,000.00 mortgage loan at an annual interest rate of 5 percent. The loan is for a period of 30 years and will be paid in equal monthly payments that include interest. (Use the Section 10.2 Table for Notes in the Announcements.)

What is the Monthly Payment for a $1,000 loan?

a)

340

b)

$1,825.80

c)

$5.37

d)

$657,288

e)

$317,288

2.

Dave and Amy Simms have applied for an $340,000.00 mortgage loan at an annual interest rate of 5 percent. The loan is for a period of 30 years and will be paid in equal monthly payments that include interest. (Use the Section 10.2 Table for Notes in the Announcements.)

How many months is the loan?

a)

30

b)

240

c)

360

d)

120

3.

Dave and Amy Simms have applied for an $340,000.00 mortgage loan at an annual interest rate of 5 percent. The loan is for a period of 30 years and will be paid in equal monthly payments that include interest. (Use the Section 10.2 Table for Notes in the Announcements.)

What is the Monthly Payment?

a)

$340

b)

$5.37

c)

$657,288

d)

$1,825.80

e)

$317,288

4.

Dave and Amy Simms have applied for an $340,000.00 mortgage loan at an annual interest rate of 5 percent. The loan is for a period of 30 years and will be paid in equal monthly payments that include interest. (Use the Section 10.2 Table for Notes in the Announcements.)

What is the total amount they will repay?

a)

$340,000

b)

$1,825.80

c)

$657,288

d)

$317,288

e)

$340

5.

Dave and Amy Simms have applied for an $340,000.00 mortgage loan at an annual interest rate of 5 percent. The loan is for a period of 30 years and will be paid in equal monthly payments that include interest. (Use the Section 10.2 Table for Notes in the Announcements.)

What is the the total interest repaid?

a)

$317,288

b)

$657,288

c)

$1,825.80

d)

$340,000

6.

Selling price: $320,000.

Down payment: 20 percent.

Terms: 6.5 percent for 20 years. (Use the Section 10.2 Table for Notes in the Announcements.)

How much is the Down Payment?

a)

$256,000

b)

$64,000

c)

$7.46

d)

$1,909.76

7.

Selling price: $320,000.

Down payment: 20 percent.

Terms: 6.5 percent for 20 years. (Use the Section 10.2 Table for Notes in the Announcements.)

How much is the Mortgage?

a)

$256,000

b)

$64,000

c)

$7.46

d)

$320,000

8.

Selling price: $320,000.

Down payment: 20 percent.

Terms: 6.5 percent for 20 years. (Use the Section 10.2 Table for Notes in the Announcements.)

How much is the Monthly Payment for $1,000 Loan?

a)

$1,909.76

b)

$7.46

c)

$256

d)

$7.75

9.

Selling price: $320,000.

Down payment: 20 percent.

Terms: 6.5 percent for 20 years. (Use the Section 10.2 Table for Notes in the Announcements.)

How much is the Monthly Mortgage?

a)

$7.46

b)

$256,000

c)

$1,909.76

d)

$256

10.

Dave and Amy Simms have applied for an $340,000.00 mortgage loan at an annual interest rate of 5 percent. The loan is for a period of 30 years and will be paid in equal monthly payments that include interest. (Use the Section 10.2 Table for Notes in the Announcements.)

What is the Monthly Payment for a $1,000 loan?

a)

340

b)

$1,825.80

c)

$5.37

d)

$657,288

e)

$317,288

11.

Dave and Amy Simms have applied for an $340,000.00 mortgage loan at an annual interest rate of 5 percent. The loan is for a period of 30 years and will be paid in equal monthly payments that include interest. (Use the Section 10.2 Table for Notes in the Announcements.)

How many months is the loan?

a)

30

b)

240

c)

360

d)

120

12.

Dave and Amy Simms have applied for an $340,000.00 mortgage loan at an annual interest rate of 5 percent. The loan is for a period of 30 years and will be paid in equal monthly payments that include interest. (Use the Section 10.2 Table for Notes in the Announcements.)

What is the Monthly Payment?

a)

$340

b)

$5.37

c)

$657,288

d)

$1,825.80

e)

$317,288

13.

Dave and Amy Simms have applied for an $340,000.00 mortgage loan at an annual interest rate of 5 percent. The loan is for a period of 30 years and will be paid in equal monthly payments that include interest. (Use the Section 10.2 Table for Notes in the Announcements.)

What is the total amount they will repay?

a)

$340,000

b)

$1,825.80

c)

$657,288

d)

$317,288

e)

$340

14.

Dave and Amy Simms have applied for an $340,000.00 mortgage loan at an annual interest rate of 5 percent. The loan is for a period of 30 years and will be paid in equal monthly payments that include interest. (Use the Section 10.2 Table for Notes in the Announcements.)

What is the the total interest repaid?

a)

$317,288

b)

$657,288

c)

$1,825.80

d)

$340,000

15.

Selling price: $320,000.

Down payment: 20 percent.

Terms: 6.5 percent for 20 years. (Use the Section 10.2 Table for Notes in the Announcements.)

How much is the Down Payment?

a)

$256,000

b)

$64,000

c)

$7.46

d)

$1,909.76

16.

Selling price: $320,000.

Down payment: 20 percent.

Terms: 6.5 percent for 20 years. (Use the Section 10.2 Table for Notes in the Announcements.)

How much is the Mortgage?

a)

$256,000

b)

$64,000

c)

$7.46

d)

$320,000

17.

Selling price: $320,000.

Down payment: 20 percent.

Terms: 6.5 percent for 20 years. (Use the Section 10.2 Table for Notes in the Announcements.)

How much is the Monthly Payment for $1,000 Loan?

a)

$1,909.76

b)

$7.46

c)

$256

d)

$7.75

18.

Selling price: $320,000.

Down payment: 20 percent.

Terms: 6.5 percent for 20 years. (Use the Section 10.2 Table for Notes in the Announcements.)

How much is the Monthly Mortgage?

a)

$7.46

b)

$256,000

c)

$1,909.76

d)

$256

19.

Selling price: $320,000.

Down payment: 20 percent.

Terms: 6.5 percent for 20 years. (Use the Section 10.2 Table for Notes in the Announcements.)

How much is the total amount repaid?

a)

$64,000

b)

$256,000

c)

$458,342.40

d)

$202,342.40

e)

$138,342.40

20.

Selling price: $320,000.

Down payment: 20 percent.

Terms: 6.5 percent for 20 years. (Use the Section 10.2 Table for Notes in the Announcements.)

How much is the Interest Paid?

a)

$64,000

b)

$256,000

c)

$458,342.40

d)

$202,342.40

e)

$138,342.40

21.

Selling price: $320,000.

Down payment: 20 percent.

Terms: 6.5 percent for 20 years. (Use the Section 10.2 Table for Notes in the Announcements.)

How many months is the loan?

a)

20

b)

360

c)

240

d)

180

22.

John wants to purchase a $269,000 house. His bank is requiring a 15% down payment. How much will John's down payment be?

a)

$15,000

b)

$40,350

c)

$228, 650

23.

John wants to purchase a $269,000 house. His bank is requiring a 15% down payment. How do you find the amount for the down payment?

a)

Multiply $269,000 by 15

b)

Multiply $269,000 by 0.15

c)

Multiply $269,000 by 1.5

24.

Dave wants to borrow $22,000 from First Finance Bank. The bank will give him a 15-year loan at an interest rate of 4.85%. How much will he pay the bank in interest over the life of the loan?

First, you need to find the (a) , then the (b) , and then the (c)

Choose from the below words

monthly payment

APR

total payment

total interest

25.

Hannah borrowed $8,000 for 5 years at an APR of 2.75%.

First, you need to find the (a) , then the (b) , and then the (c)

Choose from the below words

monthly payment

APR

total payment

total interest

26.

After much shopping, Mitzi found a car she’d love to buy. When it comes time to talk about financing, the salesperson at the dealer says, “I can offer you 5% on $32,000 for 4 years.” The principal is (a) . The interest rate is (b) . The term is (c)

Choose from the below words

$32000

5%

4 years

27.

lf Linda borrows $5,500 for 3 years at 4%, how much will she have to pay back each month?

a)

$6160.00

b)

$336.11

c)

$171.11

d)

$660.00

28.

What is Kim's monthly payment for a 4-year $9000 car loan with an APR of 7.95% from County Savings Bank?

a)

$299.51

b)

$119.51

c)

$219.51

d)

$199.51

29.

Omid pays $500 monthly to the credit card company. He will pay a total of (a) after making payments for 5 years.

Choose from the below words

$30,000

$2,500

$3,000

$25,000

30.

James borrowed $2,678 for 15 months. His monthly payment is $89.

What is the amount of total payments?

a)

$40,170

b)

$2,767

c)

$1,335

d)

$4,013

31.

With student loan problems, if it says they paid the interest during the 4 years in school and the 6-month grace period, you use the (a)

Choose from the below words

original principal

principal + interest

principal - interest

32.

Credit and debit cards have interest rates associated with them.

a)

True

b)

False

33.

Your credit score helps determine whether or not you get credit, the amount you can borrow, and what interest rate you have to pay for the use of the money.

a)

True

b)

False

34.

Using a credit card with a 15% interest rate, Caitlin buys an $800 HDTV. Each month she pays the minimum $10 payment the bank requires. She will have the TV paid off in 6 years, 8 months.

a)

True

b)

False

35.

Credit should not be used to purchase furniture and appliances.

a)

True

b)

False

36.

The following criteria are used in determining one’s credit score:

- payment history

- new credit issued

- length of credit history

- income

- types of credit.

a)

True

b)

False

37.

Your credit report is a snapshot of your financial life and may be used by potential employers.

a)

True

b)

False

38.

Using a credit card on impulse doesn’t affect your budget.

a)

True

b)

False

39.

Financial planners recommend:

Total debt should NOT exceed 20% of your yearly after-tax income,

Monthly payments should NOT exceed 10 – 15% of your monthly net income.

a)

True

b)

False

40.

Having many credit cards will not affect a lender’s willingness to lend money to me because I don’t carry a balance on any of them.

a)

True

b)

False

41.

A year ago Caitlyn missed a credit card payment on her HDTV, but she caught up and paid the bill off. Her missed payment does not affect her credit score.

a)

True

b)

False

42.

The indicator of how much credit will cost you for any loan or credit card purchase is the annual percentage rate.

a)

True

b)

False

43.

Managing your credit wisely will generally increase the choices you have in the future related to the type of housing, transportation, recreation, and education available to you.

a)

True

b)

False

44.

What is a mortgage?

a)

is an unchanging rate charged on a liability, such as a loan or mortgage.

b)

is a loan from a bank that a person can use to finance the purchase of a house.

c)

The amount of money a person pays upfront on a loan/payment.

d)

s a type of loan where the interest changes according to changes in market interest rates.

45.

What is a variable rate?

a)

is an unchanging rate charged on a liability, such as a loan or mortgage.

b)

is a loan from a bank that a person can use to finance the purchase of a house.

c)

The amount of money a person pays upfront on a loan/payment.

d)

s a type of loan where the interest changes according to changes in market interest rates.

46.

What is a Fixed rate?

a)

is an unchanging rate charged on a liability, such as a loan or mortgage.

b)

is a loan from a bank that a person can use to finance the purchase of a house.

c)

The amount of money a person pays upfront on a loan/payment.

d)

s a type of loan where the interest changes according to changes in market interest rates.

47.

What is a Down Payment?

a)

is an unchanging rate charged on a liability, such as a loan or mortgage.

b)

is a loan from a bank that a person can use to finance the purchase of a house.

c)

The amount of money a person pays upfront on a loan/payment.

d)

s a type of loan where the interest changes according to changes in market interest rates.

48.

What is equity?

a)

is the length of time it takes a borrower to repay a loan.

b)

is the period of time in which it's possible to repay the loan making regular payments.

c)

is an obligation that requires one party, the debtor, to pay money or other agreed-upon value to another party, the creditor.

d)

is ownership of assets that may have debts or other liabilities attached to them.

49.

What is debt?

a)

is the length of time it takes a borrower to repay a loan.

b)

is the period of time in which it's possible to repay the loan making regular payments.

c)

is an obligation that requires one party, the debtor, to pay money or other agreed-upon value to another party, the creditor.

d)

is ownership of assets that may have debts or other liabilities attached to them.

50.

What is amortization?

a)

is the length of time it takes a borrower to repay a loan.

b)

is the period of time in which it's possible to repay the loan making regular payments.

c)

is an obligation that requires one party, the debtor, to pay money or other agreed-upon value to another party, the creditor.

d)

is ownership of assets that may have debts or other liabilities attached to them.

51.

What is loan term?

a)

is the length of time it takes a borrower to repay a loan.

b)

is the period of time in which it's possible to repay the loan making regular payments.

c)

is an obligation that requires one party, the debtor, to pay money or other agreed-upon value to another party, the creditor.

d)

is ownership of assets that may have debts or other liabilities attached to them.

52.

Most common type of mortgage loan is :

a)

Conventional

b)

FHA

c)

USDA

d)

VA

53.

PMI or Private Mortgage Insurance is?

a)

Interest Rate

b)

Insurance that protects the lender not you.

c)

Insurance that protects you from hidden costs

d)

Home owners insurance

54.

FHA/Federal Housing Administration gives loans to people with what type of credit?

a)

Great

b)

High

c)

Low

d)

Average

55.

USDA/United States Department of Agriculture loans gives loans to people with what type of area?

a)

Urban

b)

City

c)

Rural

d)

Downtown

56.

Veterans Affairs/VA loans are for whom? Select all that apply:

a)

Eligible surviving spouses

b)

Active Duty Members

c)

Veterans

d)

National Guard

e)

Reservists

57.

How do you calculate debt to income ratio? DTI?

a)

Add up all of your monthly payments and dividing it by your gross monthly income

b)

Add up all of your monthly payments and multiply it by your gross monthly income

c)

Add up all of your monthly payments and Subtract it by your gross monthly income

d)

Add up all of your monthly payments and add it by your gross monthly income

Mortgages and Interest

Total questions: 57

Worksheet time: 2hrs 37mins

Similar Resources on Wayground