Standard #: MA.912.F.3.13 (Archived Standard)


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Calculate the total amount paid for the life of a loan for a house including the down payment, points, fees, and interest.


Remarks


Example: Calculate the total amount paid for a $100,000 house with a 15 year fixed rate loan at 5.65% if the mortgagor pays a $25,000 down payment; 2 points; 1% origination fee; maximum brokerage fee on a net loan; and State Documentary Stamps on the deed at a tax rate of $.70 per $100, the mortgage note at a tax rate of $.35 per $100, a and Intangible Tax at a rate of .002.

General Information

Subject Area: X-Mathematics (former standards - 2008)
Grade: 912
Body of Knowledge: Financial Literacy
Standard: Loans and Financing - Become familiar with and describe the advantages and disadvantages of short-term purchases, long-term purchases, and mortgages.
Date Adopted or Revised: 09/07
Content Complexity Rating: Level 2: Basic Application of Skills & Concepts - More Information
Date of Last Rating: 06/07
Status: State Board Approved - Archived

Related Courses

Course Number1111 Course Title222
1200500: Advanced Algebra with Financial Applications (Specifically in versions: 2014 - 2015 (course terminated))
7921022: Access Economics with Financial Literacy (Specifically in versions: 2014 - 2015, 2015 - 2018, 2018 - 2023, 2023 and beyond (current))


Related Resources

Lesson Plan

Name Description
Shopping for a Home Mortgage Loan

Students will analyze the data given to decide which type of loan they will buy. After selecting their options, students will estimate the first loan payment. FHA loans offer a better interest rate than conforming loans, but buying premium insurance is a requirement to qualify for an FHA loan, increasing the upfront cost of the loan. Fixed interest rate loans seem like the best choice because you have the same mortgage payment every month; however, adjustable rate loans offer a better interest rate and it has a cap on the interest rate.

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