What is a down payment?
Buying a Home (Math) Review

Flashcard
•
Mathematics, Life Skills
•
12th Grade
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
Back
A down payment is an initial upfront payment made when purchasing a home, typically expressed as a percentage of the total purchase price.
2.
FLASHCARD QUESTION
Front
How do you calculate the mortgage amount after a down payment?
Back
Mortgage Amount = Purchase Price - Down Payment.
3.
FLASHCARD QUESTION
Front
If a house costs $300,000 and the down payment is 15%, how much is the down payment?
Back
Down Payment = 15% of $300,000 = $45,000.
4.
FLASHCARD QUESTION
Front
What is the formula to calculate quarterly real estate tax payments?
Back
Quarterly Payment = Annual Real Estate Tax / 4.
5.
FLASHCARD QUESTION
Front
If Hannah pays $480 a year in real estate tax, how much does she pay each quarter?
Back
Quarterly Payment = $480 / 4 = $120.
6.
FLASHCARD QUESTION
Front
What is the formula to calculate monthly real estate tax payments?
Back
Monthly Payment = Annual Real Estate Tax / 12.
7.
FLASHCARD QUESTION
Front
If Chad pays $546 a year in real estate tax, how much does he pay each month?
Back
Monthly Payment = $546 / 12 = $45.50.
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