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This Chapter Quiz includes 15 multiple-choice questions. You must answer 10 out of 15 questions correctly (70%) in order to pass.

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1. What is the amount paid in yearly interest on a $640,000 interest-only loan with a 4.5% interest rate?

2. 3 discount points is equal to ?.......... of the loan amount?

3. What is the amount paid in monthly interest on a $150,000 interest-only loan with a 5% interest rate?

4. What is the loan amount if a borrower paid $4,300 in loan origination fees at a rate of 1.25%

5. If a property is currently worth $410,000, what will the property be worth in one year if it depreciates at 2%?

6. What is the area of a triangle that has a base dimension of 20'-0" and a height of 50'-0"?

7. The FHA currently sets the housing expense ratio at??

8. If a borrower paid $2,200 in origination fees and the lender charged a 1% fee, how much was the loan amount?

9. If a borrower obtained a $320,000 loan and paid $4,800 in origination fees, what was the lender?s origination fee?

10. A property is currently worth $296,000. How much did the property depreciate if it was worth $298,960 a year ago?

11. A property has an area of 4,000 sq.ft. If the width of the property is 40'-0", what is the measurement of the depth?

12. A one-story house measures 25'-0" by 20'-0". What is the area of the house?

13. If a property totals 2.5 acres, how many square feet is the property?

14. The FHA currently sets the debt-to-income ratio at??

15. Total monthly housing expenses divided by total monthly income equals??