Mortgages Practice Math Models A
Exam Questions & Answers (Grade
A+)
You have recently taken out a loan for a new home. You place 10%
down and finance the remaining balance. As part of the closing
cost, you are required to pay 2.5 points. Determine the amount of
the loan prior to the addition of the 2.5 points to the loan if the
final loan amount was for $151,625. Round your answer to the
nearest cent.
a.
$149,384.24
c.
$147,926.83
b.
$148,651.96
d.
$147,208.74 -
correct answer ✅c. $147,926.83
You have just been approved for a 30 year 6.0% fixed home
mortgage. The monthly payment that you qualify for is $1112.10.
Use the table provided to determine the price of a home that can
be purchased. Round your answer to the nearest cent. -
correct answer ✅c. $185,350
, Mortgages Practice Math Models A
Exam Questions & Answers (Grade
A+)
You have decided to buy a new home and the bank offers you a 10
year fixed loan at 5.0% on a balance of $275,325. Use the table
provided to determine the monthly payments. -
correct answer ✅a. $2,921.20
The home that you are interested in purchasing is listed at
$135,000. In order to get financing, you have to place a 15% down
payment. From the given information, determine the amount of the
down payment.
a.
$2,025
c.
$114,750
b.
$135,000
d.
$20,250 -
correct answer ✅d.
$20,250
Exam Questions & Answers (Grade
A+)
You have recently taken out a loan for a new home. You place 10%
down and finance the remaining balance. As part of the closing
cost, you are required to pay 2.5 points. Determine the amount of
the loan prior to the addition of the 2.5 points to the loan if the
final loan amount was for $151,625. Round your answer to the
nearest cent.
a.
$149,384.24
c.
$147,926.83
b.
$148,651.96
d.
$147,208.74 -
correct answer ✅c. $147,926.83
You have just been approved for a 30 year 6.0% fixed home
mortgage. The monthly payment that you qualify for is $1112.10.
Use the table provided to determine the price of a home that can
be purchased. Round your answer to the nearest cent. -
correct answer ✅c. $185,350
, Mortgages Practice Math Models A
Exam Questions & Answers (Grade
A+)
You have decided to buy a new home and the bank offers you a 10
year fixed loan at 5.0% on a balance of $275,325. Use the table
provided to determine the monthly payments. -
correct answer ✅a. $2,921.20
The home that you are interested in purchasing is listed at
$135,000. In order to get financing, you have to place a 15% down
payment. From the given information, determine the amount of the
down payment.
a.
$2,025
c.
$114,750
b.
$135,000
d.
$20,250 -
correct answer ✅d.
$20,250
