Question 1 Atticus needs help with a townhome purchase. Here is what he wants: A one bedroom townhouse in a trendy new development downtown Houston; average cost is $246,759 Is preapproved for a 4.38% interest rate on a 30-year fixed mortgage Has saved $45,000 for a down payment Calculate his monthly payment (No dollar sign, use commas, no decimals) Question 2 Atticus needs help with a townhome purchase. Here is what he wants: A one bedroom townhouse in a trendy new development downtown Houston; average cost is $246,759 Is preapproved for a 4.38% interest rate on a 30-year fixed mortgage Has saved $45,000 for a down payment If Atticus pays the full mortgage off in 30 years as scheduled, who much total interest will he pay? (No dollar sign, use commas, no decimals - round to the nearest whole dollar) Question 3 Atticus needs help with a townhome purchase. Here is what he wants: A one bedroom townhouse in a trendy new development downtown Houston; average cost is $246,759 Is preapproved for a 4.38% interest rate on a 30-year fixed mortgage Has saved $45,000 for a down payment If Atticus pays the full mortgage off in 30 years as scheduled, what is the total cost he paid for the townhome? (No dollar sign, use commas, no decimals - round to the nearest whole dollar) Question 4 Atticus needs help with a townhome purchase. Here is what he wants: A one bedroom townhouse in a trendy new development downtown Houston; average cost is $246,759 Is preapproved for a 4.38% interest rate on a 30-year fixed mortgage Has saved $45,000 for a down payment If Atticus pays the full mortgage off in 30 years as scheduled, what date in the amortization schedule is he finally paying more principal than interest on the loan? Date format XX/XX/XXXX Question 5 Atticus needs help with a townhome purchase. Here is what he wants: A one bedroom townhouse in a trendy new development downtown Houston ; average cost is $246,759 Is preapproved for a 4.38% interest rate on a 30-year fixed mortgage He has decided to wait until he has $65,000 saved for a down payment What is Atticus' new monthly payment for his house? (No dollar sign, use commas, no decimals - round to the nearest whole dollar) Question 6 Penny wants to have a yard for her children to play in. She has a low income, but still wants to make it work. The following are her details: She has been renting a two-bedroom apartment with her husband and 3 kids Wants to move into a three-bedroom home instead Took her and her husband five years to saved $20,000 for a down payment Homes in her small town are typically selling for $95,000 to $115,000 Is preapproved for a 3.89% interest rate on a 30-year fixed mortgage Needs her monthly payment to be absolutely no more than $685 Rounded to the nearest $1,000, what's the most expensive house Penny could buy? (No dollar sign, use commas, no decimals - round to the nearest whole dollar) Answer: 256,617 Question 7 Penny wants to have a yard for her children to play in. She has a low income, but still wants to make it work. The following are her details: She has been renting a two-bedroom apartment with her husband and 3 kids Wants to move into a three-bedroom home instead Took her and her husband five years to saved $20,000 for a down payment Homes in her small town are typically selling for $95,000 to $115,000 Is preapproved for a 3.89% interest rate on a 30-year fixed mortgage Needs her monthly payment to be absolutely no more than $685 Penny finds the perfect home for her family for $95,000. How much interest will she pay in total for her home assuming she makes all the scheduled payments for the next 30 years. (No dollar sign, use commas, no decimals - round to the nearest whole dollar) Question 8 Penny wants to have a yard for her children to play in. She has a low income, but still wants to make it work. The following are her details: She has been renting a two-bedroom apartment with her husband and 3 kids Wants to move into a three-bedroom home instead Took her and her husband five years to saved $20,000 for a down payment Homes in her small town are typically selling for $95,000 to $115,000 Is preapproved for a 3.89% interest rate on a 30-year fixed mortgage Needs her monthly payment to be absolutely no more than $685 Penny finds the perfect home for her family for $95,000. How much interest will she pay in total for her home if she changes to a 15 year mortgage (still assuming she makes all the scheduled payments per the amortization schedule). (No dollar sign, use commas, no decimals - round to the nearest whole dollar) Question 9 Penny wants to have a yard for her children to play in. She has a low income, but still wants to make it work. The following are her details: She has been renting a two-bedroom apartment with her husband and 3 kids Wants to move into a three-bedroom home instead Took her and her husband five years to saved $20,000 for a down payment Homes in her small town are typically selling for $95,000 to $115,000 Is preapproved for a 3.89% interest rate on a 30-year fixed mortgage Needs her monthly payment to be absolutely no more than $685 Penny finds the perfect home for her family for $95,000. How much interest will she pay in total for her home if she changes to a 15 year mortgage AND is going to always make an extra $50 payment each month. (No dollar sign, use commas, no decimals - round to the nearest whole dollar) Question 10 The Real Estate Settlement Procedures Act (RESPA) requires that loan applicants be given an estimate of the closing costs after the actual closing. Question options: True False Question 11 When interest rates are high and the demand for homes is low, prices of homes will likely be low. Question options: True False Question 12 1 / 1 point Which of the following is NOT a benefit of home ownership? Question options: Stability of residence Personalized living location Deductibility of mortgage interest Deductibility of real estate taxes Maintenance and costs of repairs and home improvements Question 13 Linda wanted to buy a house, she goes to her best friend, Sheena who offers to explain her recent experience buying a home. Sheena covers the advantages and disadvantages of home ownership; however, makes a mistake in her explanation. Which of the following is incorrect? Question options: An advantage is that Linda can deduct mortgage interest and real estate taxes. An advantage is that the down payment required is less than the security deposit for a rental. A disadvantage is that real estate taxes are a major expense for homeowners. An advantage is that Linda can paint his house bright purple with green trim to match his college's colors.