Word (.docx)
Acrobat (.pdf)
Calculate the following fees associated with a mortgage:
- discount points
- origination fee
- maximum brokerage fee on a net or gross loan
- documentary stamps
- prorated expenses (interest, county and/or city property taxes, and mortgage on an assumed mortgage)
Remarks
Example:1) Calculate the total amount of fees on a $230,000 mortgage if the lender: charges 2 points and a 0.5% origination fee.
2) Calculate the maximum brokerage fee on a net loan of $184,000,
3) A seller has agreed to pay the Documentary Stamps on a property worth $150,000 (selling price). The purchaser is responsible for the Documentary Stamps on the $75,000 mortgage being assumed and the new $25,000 second mortgage. Calculate all applicable amounts.
4) A $185,340 loan carries at a 5.625% annual interest rate. Using the 365 day method, how much interest would a buyer owe for the 22 days remaining for a May closing.
General Information
Subject Area: X-Mathematics (former standards - 2008)
Grade: 912
Body of Knowledge: Financial Literacy
Idea: Level 1: Recall
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 1: Recall
-
More Information
Date of Last Rating: 06/07
Status: State Board Approved - Archived
Related Courses
This benchmark is part of these courses.
1200500: Advanced Algebra with Financial Applications (Specifically in versions: 2014 - 2015 (course terminated))
Related Access Points
Alternate version of this benchmark for students with significant cognitive disabilities.
Related Resources
Vetted resources educators can use to teach the concepts and skills in this benchmark.
Student Resources
Vetted resources students can use to learn the concepts and skills in this benchmark.
Parent Resources
Vetted resources caregivers can use to help students learn the concepts and skills in this benchmark.
