1. A house is purchased for $205,000, and a down payment is made for 20% of the purchase price, is made. Calculate the mortgage balance.

$41,000
$246,000
$164,000
$245,900
2. With a fixed-rate mortgage, the monthly mortgage payments fluctuate according to the market for interest rates.

True
False
3. The annual property tax on a $230,000 home is $5,200. Calculate the monthly property tax.

$4,766.67
$433.33
$5,200
$256.71

Question

1. 	A house is purchased for $205,000, and a down payment is made for 20% of the purchase price, is made. Calculate the mortgage balance.
 		
	$41,000
	$246,000
	$164,000
	$245,900
2. 	With a fixed-rate mortgage, the monthly mortgage payments fluctuate according to the market for interest rates.
 		
	True
	False
3. 	The annual property tax on a $230,000 home is $5,200. Calculate the monthly property tax.
 		
	$4,766.67
	$433.33
	$5,200
	$256.71

tkhunny · Answer

What is 20% of 205000?  You MUST show some of YOUR work.  Go!

phagey · Answer

41,1000 @tkhunny

mustbethestars · Answer

Where is your work?

phagey · Answer

i multiplied it @mustbethestars

mustbethestars · Answer

What did you multiply?

phagey · Answer

20 times 205000 @mustbethestars

mustbethestars · Answer

Okay now what is the next step?

phagey · Answer

oh i dont know @mustbethestars

mustbethestars · Answer

205000 - 41000 =

phagey · Answer

164000 @mustbethestars

mustbethestars · Answer

Correct there is your answer. Sorry for the late reply.

phagey · Answer

so how i do the next 2? @mustbethestars

mustbethestars · Answer

Well I am not sure about number 2 but I can help with number 3.

phagey · Answer

i got it number 2 is false and 3 is 433.33 @mustbethestars

mustbethestars · Answer

Good job (: Don't forget to close the question and choose a best response :)