Mortgages and Home Ownership — Unit test Answers
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21
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The table shows the terms of a fixed-rate mortgage.
A
M = P StartFraction Left-bracket R (1 minus R) Superscript n Baseline Right-bracket Over (1 + R) Superscript n Baseline EndFraction
B
M = P StartFraction Left-bracket R (1 + R) Superscript n Baseline Right-Bracket Over Left-bracket (1 + R) Superscript n Baseline minus 1 Right-bracket EndFraction
C
M = P StartFraction R Over left-bracket (1 + R) Superscript n Baseline minus 1 Right-bracket EndFraction
D
M = P StartFraction Left-bracket R (1 + R) Superscript n Baseline Right-Bracket Over (N + R) EndFraction
22
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What best explains the relationship between a borrower’s credit score and a down payment requirement?
A
Someone with a high credit score may be required to make a higher down payment.B
Someone with a high credit score may be required to make a lower down payment.C
Someone with a low credit score may be required to make a lower down payment.D
Someone with a low credit score may not have to make a down payment.23
When people take out a mortgage, they must pay back the money
A
when they are able.B
within a year.C
over time, usually many years.D
as soon as they can.24
The chart shows the costs associated with the purchase of a new home.
A
cost of making repairs to the new home.B
fees that must be paid to local schools.C
costs associated with obtaining the loan.D
fees assessed by the state or local government.Did you find these answers helpful?
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