1.A house is sold for$300 000 and appraised for$285 000. What down payment will be needed to qualify for a conventionalmortgage?

A.$71 250

B.$72 000

C.$57 000

D.$60 000

2.For a$72 000 mortgage at ninepercent, the monthly payments would be$723.25 for a15-year mortgage and$570.84 for a30-year mortgage. What would be the expected total savings in interest by taking a15-year mortgage?

A.$54 360

B.$131 000

C.$27 180

D.$75 317

3.Independent insuranceagents, sometimes called brokers

A.represent many different insurance companies.

B.work for only two or three companies.

C.are selfemployed and represent their own companies.

D.work for just one insurance company.

4.Making extra mortgage payments does which of thefollowing?

A.Reduces the payment amount

B.Increases cash flow

C.Increases total amount paid

D.Reduces the length of the loan

5.The total household income available is$3963. Mortgage payments includingtaxes, principal, and interest are$1189. Inaddition, there are condo fees of$126 and heating costs of$56 monthly and a car lease of$241. What is the gross debt serviceratio?

A.39.1 percent

B.34.6 percent

C.40.7 percent

D.33.0 percent