12 questions
1a. The Jacobs family is planning to buy a home. They have some money for a down payment already. They see a home they like and compute that they would need to borrow $213,000 from a bank over a 30-year period. The APR is 6.75%. What is the monthly payment?
$2,130
$1,381.51
$2,295.16
$3,004.84
1b. The Jacobs family is planning to buy a home. They have some money for a down payment already. They see a home they like and compute that they would need to borrow $213,000 from a bank over a 30-year period. The APR is 6.75%. What is the total of all of the monthly payments over the 30 years?
$379,337.24
$413,572.88
$352,663.05
$497,343.60
1c. The Jacobs family is planning to buy a home. They have some money for a down payment already. They see a home they like and compute that they would need to borrow $213,000 from a bank over a 30-year period. The APR is 6.75%. What is their total interest for the 30 years?
$178,008.62
$98,452.16
$284,343.60
$311,098.50
2a. Brandy has $150,000 left to pay on her current mortgage and is going to refinance to a lower interest rate and shorter term. The new APR is 3.75% and she is switching to a 15-year term. What is her new monthly payment?
$972.14
$1,243.89
$1,090.83
$1,513.65
2b. Brandy has $150,000 left to pay on her current mortgage and is going to refinance to a lower interest rate and shorter term. The new APR is 3.75% and she is switching to a 15-year term. What is the total of all of the monthly payments over the 15 years?
$222,174.33
$201,748.42
$253,482.16
$196,349.40
2c. Brandy has $150,000 left to pay on her current mortgage and is going to refinance to a lower interest rate and shorter term. The new APR is 3.75% and she is switching to a 15-year term. What is the total interest for the 15 years?
$46,349.40
$42,315.72
$70,019.28
$98,204.83
3. You are buying a home and need to borrow $80,000. Your local bank has an APR of 6% on new mortgages. You are debating on whether you should take out a 15 year loan or a 30 year loan. How much more are you paying in interest with a 30 year loan?
$19,881.13 more
$30,200.07 more
$45,615.44 more
$51,154.20 more
4. Calculate the monthly payment with escrow:
Monthly Mortgage Payment: $735
Semi – Annual Property Tax: $2,457
Annual Homeowners Insurance: $790
$3,982
$1,005.58
$1,210.33
$1,584.28
5. The bank requires that the Andrew’s pay their homeowner’s insurance, property tax, and mortgage in one monthly payment to the bank. If their monthly mortgage payment is $1,711.22, their semi-annual property tax is $3,239, and their annual homeowner’s insurance bill is $980, how much do they pay the bank each month?
$2,332.72
$5,930.22
$2,062.81
$1,845.38
6. Allison has a mortgage with North End Bank. The bank requires that she pay her homeowner’s insurance, property tax, and mortgage in one monthly payment. Her monthly mortgage payment is $1,390, her semi-annual property tax is $3,222, and her yearly homeowner’s insurance is $1,128. How much does Allison pay North End Bank each month?
$2,021
$5,740
$1,753
$3,001
7. Frank is buying a new home that cost $98,900. He has been approved for a 15 year loan with an APR of 3.25%. The property taxes on this home are $1,098 semi-annually and his homeowners insurance will be $1,200 per year. What will be his monthly payment including an escrow?
$977.94
$882.18
$1,001.11
$799.79
8. The Smiths want to buy a new home that cost $203,000. They have talked to a mortgage specialist and been approved for a 30 year loan with an APR of 5.15%. This homes property taxes are $4,560 semi-annually and their homeowners insurance will be $1,900 per year. What will be his monthly payment including an escrow?
$1,646.76
$2948.76
$1,962,76
$2,026.76