Getting a Mortgage
19 hours ago
mchancey
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• Question 1
120 seconds
Q.

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

• Question 2
120 seconds
Q.

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

• Question 3
120 seconds
Q.

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

• Question 4
120 seconds
Q.

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

• Question 5
120 seconds
Q.

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

• Question 6
120 seconds
Q.

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

• Question 7
120 seconds
Q.

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

• Question 8
120 seconds
Q.

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

• Question 9
120 seconds
Q.

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

• Question 10
120 seconds
Q.

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

• Question 11
120 seconds
Q.

The loan a person gets to purchase a house or a condominium is called a __________.

principal loan

interest term loan

P&I loan

mortgage

• Question 12
120 seconds
Q.

The percent of the mortgage amount paid at the closing is called _________.

interest

points

appreciation

title fees

• Question 13
120 seconds
Q.

What are some fees that a person can expect to incur at closing?

attorney fees

title fees

points

principal

interest

• Question 14
120 seconds
Q.

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

• Question 15
120 seconds
Q.

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?