Basic Math Concepts Hawaii

Cheryl and Roberto just signed a contract for Cheryl to buy Roberto's house for $235,000. Roberto owes $48,750 on his current mortgage, he's going to replace the old furnace ($800), he's agreed to pay 3% toward closing costs, and he'll pay a 6% commission to his agent. How much in whole dollars will he have left to put down on the condo he wants to buy? A) $164,300 B) $164,771 C) $167,696 D) $168, 688

A) $164,300

Helen is purchasing a home for $150,000 and provides a $2,500 earnest money check to the seller, which will be applied to her down payment. She's financing the transaction, and her closing costs and down payment total $4,800. How much should Helen bring to the closing? A) $2,300 B) $2,700 C) $4,800 D) $7,300

A) $2,300

Your buyer client Heather just signed a purchase agreement for a $520,000 home. The LTVR is 60%. How much is Heather putting down on the purchase? A) $208,000 B) $220,000 C) $300,000 D) $312,000

A) $208,000

A buyer is purchasing a property for $400,000. His lender's loan-to-value ratio is 80%. How much is the buyer financing? A) $320,000 B) $360,000 C) $400,000 D) $80,000

A) $320,000

Henry submits an offer on a condo and includes an earnest money check for 10% of his offer, which the seller accepts. Later on at closing, he brings a cashier's check for $34,450 (comprising the remaining half of his 20% down payment and $7,950 in closing costs). What's the condo's purchase price in whole dollars? A) $132,500 B) $265,000 C) $344,500 D) $88,333

B) $265,000

The Bensons are looking at buying a $650,000 property with a 30-year loan at a 3.125% interest rate. How much would their monthly principal and interest amount be? Use 4.80738 as the factor for a 30-year loan at a 3.125% interest rate. A) $3,098.54 B) $3,124.80 C) $3,451.19 D) $3,719.25

B) $3,124.80

A homeowner's monthly mortgage payment is $580.23. If the taxes are $83.33 and the insurance is $41.66, how much of the monthly payment is principal plus interest? A) $454.34 B) $455.24 C) $465.24 D) $466.34

B) $455.24

A buyer is purchasing a home for $400,000 and is financing $300,000. What is the loan-to-value ratio? A) 72% B) 75% C) 82% D) 96%

B) 75%

Your clients have been in their home for seven years, have made $12,000 of improvements, and have $130,000 left on their mortgage. The home recently appraised for $283,000. Using these figures, how much equity do they have in the property? A) $118,000 B) $123,000 C) $153,000 D) $165,000

C) $153,000

Bob and Mary are financing $180,500 for a new home. Their lender will approve an interest rate of 5% if Bob and Mary pay two discount points at closing. How much will this cost them? A) $180.50 B) $32,000 C) $3,610 D) $9,025

C) $3,610

Almanzo is buying a horse farm for $695,000 and put down 15% in earnest money. His closing costs and down payment total $139,000. How much will he need to bring to closing? A) $20,850 B) $29,750 C) $34,750 D) $39,000

C) $34,750

The lender will charge a one-and-a-half-point origination fee and two loan discount points. What will be the total due for points on a $115,000 loan? A) $1,725 B) $2,300 C) $4,025 D) $575

C) $4,025