1.A house was purchased for $350,000 and has a market value of$380,000 and a mortgage of $270,000. What is the equity in thishouse?

A.$110,000

B.$80,000

C.$30.000

D.28.9%

2.Lenders require Canada Mortgage and Housing Corporation insurance on high ratio mortgages. What is the primary purpose of this insurance?

A.Disability insurance for the borrowers to make sure they can pay off the house if one of them can no longer work

B.Insurance for the lender to protect their collateral in case the borrower defaults and the home has declined in value

C.Insurance for the borrower in the event of foreclosure to compensate them for the full price they paid for the home

D.Life insurance for the borrowers to make sure they can pay off the house if one of them dies

3. Which of the following is a true statement about studentloans?

A.The repayment schedule is delayed.

B.All student loans are provided directly to students.

C.All student loans are provided to parents of students.

D.Students who declare bankruptcy within seven years of graduation may have their loans forgiven.