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- 1. Multiple Choice
Q1. Calculate the prepaid interest:
Amount Borrowed: $145,000
Interest Rate: 4.2%
Closing Date: July 17
$233.52
$233.59
$16.68
$6,090
- 2. Multiple Choice
Q2. Calculate the prepaid interest:
Amount Borrowed: $238,500
Interest Rate: 3.75%
Closing Date: December 3
$686.09
$686.10
$686
$24.50
- 3. Multiple Choice
Q3. Noah is buying a $250,000 home. He has been approved for a 5.75% mortgage. He was required to make a 15% down payment and will be closing on the house on July 15. How much should he expect to pay in prepaid interest at the closing?
$535.62
$535.61
$33.48
$535.68
- 4. Multiple Choice
Q4. Bonnie is purchasing an apartment for $180,000. She has been approved for a 6% mortgage. She put 10% down and will be closing on April 22. How much should she expect to pay in prepaid interest?
$213.04
$236.72
$213.06
$236.71
- 5. Multiple Choice
Q5. Jason is closing on a $430,000 home. He made a 13% down payment and is borrowing the rest. What is the approximate range of costs that he might expect to pay at the closing?
$8,600
$8,600 - $30,100
$31,100
$7,482 - $26,187
- 6. Multiple Choice
Q6. Marissa is closing on a $135,500 home. She made a 20% down payment and is borrowing the rest. What is the approximate range of costs she might expect to pay at the closing?
$3,135 - $10,252
$2,168 - $7,588
$2,025 - $8, 249
$2,710 - $9,485
- 7. Multiple Choice
Q7. Becky was told that based on the price of her home, her approximate closing costs would range from $5,000 to $17,500. How much was the price of her home?
$250,000
$225,000
$300,000
$325,000
- 8. Multiple Choice
Q8. Sam was told that based on the price of his home, his approximate closing costs would range from $7,000 to $24,500. How much was the price of his home?
$275,000
$325,000
$350,000
$250,000
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