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- 1. Multiple Choice
Liz and Rob purchased a house for $565,000. They put 20% down on the house. What was their down payment?
$113,000
$452,000
$11,300
$553,700
- 2. Multiple Choice
Marcus and Kenya purchased a house for $325,000. They put 15% down on the house. What is their mortgage amount?
$48,750
$276,250
$32,500
$292,500
- 3. Multiple Choice
Jen Sue got a $275,000 mortgage for 25 years at 6.0%. How much will the monthly mortgage payment be?
$1,688.50
$1,856.25
$1,650
$1,771
- 4. Multiple Choice
Juan put down 25% on a $190,000. What are the monthly mortgage payments for a 20 year loan at 7.5%?
$47,500
$142,500
$1,148.55
$966.08
- 5. Multiple Choice
Jill purchased a house for $155,000. She paid 15% down. What are her monthly mortgage payments for a 30 year loan at 8.0%?
$967.05
$231,750
$23,250
$1,017.11
- 6. Multiple Choice
Sam's mortgage was $164,000. The closing costs were 2 points and $3,500 in fees. What were his total closing costs?
$3,280
$3,500
$6,780
$160,720
- 7. Multiple Choice
Jacquelyn borrowed $333,333 to purchase her new home. Her closing costs were 1.5 points, $500 in attorney fees, and $375 in title fees. What were her total closing costs?
$5,875
$5,000
$5,500
$875
- 8. Multiple Choice
CHOOSE TWO ANSWERS: What is the mortgage amount and the monthly mortgage payments? Tommy and Ellen purchased a $99,000 house and put 10% down. Their mortgage is for 25 years at 7.5%.
$9,900
$89,100
$658.45
$676.74
$91,575
- 9. Multiple Choice
Bryan wants to purchase a condo at Fox Run for $186,000. He is required to put 25% down. How much money must he have saved up for his down payment in order to purchase the condo?
$37,200
$189,500
$46,500
$4,650
- 10. Multiple Choice
Charlie and Rhonda bought a house for $258,000 and put 15% down. Their mortgage is for 30 years at 9%. What is the mortgage amount and the monthly mortgage payments? CHOOSE TWO ANSWERS.
$38,700
$219,300
$234,780
$1,889.98
$1,765.37
- 11. Multiple Choice
The loan a person gets to purchase a house or a condominium is called a __________.
principal loan
interest term loan
P&I loan
mortgage
- 12. Multiple Choice
The percent of the mortgage amount paid at the closing is called _________.
interest
points
appreciation
title fees
- 13. Multiple Choice
What are some fees that a person can expect to incur at closing?
attorney fees
title fees
points
principal
interest
- 14. Multiple Choice
The closing cost on a $150,000 mortgage were 2.5 points and $2,400 in fees. What were the total closing costs?
$3,750
$6,150
$37,500
$39,900
- 15. Multiple Choice
Kayla put down 18% on her apartment that had a purchase price of $175,000. How much money did she borrow to purchase the apartment?
$26,250
$143,500
$31,500
$148,750
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