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))


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