7.3A Mortgage Payments & Escrow Worksheet

7.3A Mortgage Payments & Escrow Worksheet

11th - 12th Grade

12 Qs

quiz-placeholder

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7.3A Mortgage Payments & Escrow Worksheet

7.3A Mortgage Payments & Escrow Worksheet

Assessment

Quiz

Mathematics

11th - 12th Grade

Medium

Created by

Shari McCourt

Used 125+ times

FREE Resource

12 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

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

2.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

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

3.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

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

4.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

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

5.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

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

6.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

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

7.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

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

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