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?
7.3A Mortgage Payments & Escrow Worksheet

Quiz
•
Mathematics
•
11th - 12th Grade
•
Medium

Shari McCourt
Used 125+ times
FREE Resource
12 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
$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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