Quiz: Closing Costs, Interest, and Rent Hikes

If a house costs $238,000 and you make a 20% down payment, how much is the down payment?

• $47,600

• $4,760

• $52,360

• $5,236

Tags

CCSS.6.RP.A.3C

If a house costs $238,000 and you make a 20% down payment, how much is the loan amount?

• $47,600

• $190,400

• $285,600

• $233,240

Tags

CCSS.6.RP.A.3C

If a house costs $238,000 and you make a 20% down payment, what is the interest owed on the loan in the first month if the APR is 7.5%?

• $47,600

• $3966.67

• $1487.50

• $1,190

Tags

CCSS.7.RP.A.3

If a house costs $238,000 and you make a 20% down payment, how much prepaid interest will be owed if closing is on January 23rd and the APR is 7.5%?

• $312.99

• $834.63

• $391.23

• $1043.29

If Gordon has a $189,300 mortgage and has a 4.8% interest rate, how much interest does he pay in the first month? Round to the nearest cent.

(a)  

Tags

CCSS.7.RP.A.3

If Gordon has a $189,300 mortgage and has a 4.8% interest rate, how much interest does he pay in the first year? Round to the nearest cent.

(a)  

Tags

CCSS.7.RP.A.3

If Gordon has a $189,300 mortgage, estimate his closing costs if they will be 5% of the loan amount.

(a)  

Pearl’s interest rate is 7.15% and she was approved for a 20 year loan with a $267,000 mortgage. Pearl can bring down the interest rate by 0.3% per point purchased. Each point will cost 2% of the loan amount.

How much would 4 points cost?

(a)  

Pearl’s interest rate is 7.15% and she was approved for a 20 year loan with a $267,000 mortgage. Pearl can bring down the interest rate by 0.3% per point purchased. Each point will cost 2% of the loan amount.

What would the new interest rate be after 4 points are purchased?

(a)  

Suppose that Eldrich signs a lease for a monthly rent of $1800 and the annual rate of increase is 2.8%. What will his rent be during the 7th year?

• $2124.38

• $352.80

• $2152.80

• $2183.86

Tags

CCSS.HSF.BF.A.2