Chapter 10 Formulas Flashcards
1
Q
Mortgage Loan Amount
A
Selling Price - Down Payment
2
Q
Monthly Payment
A
(Amount of Mortgage/$1,000) x Monthly Payment for $1,000 Loan
3
Q
Total Interest Charged
A
Amount Paid - Amount of Mortgage
4
Q
Actual Amount Financed
A
Amount of Mortgage + Closing Costs
5
Q
Payment to Principle
A
Monthly Payment - Interest
6
Q
New Principle
A
Previous Balance - Payment to Principle
7
Q
Assessed Value
A
Market Value x Rate of Assessment
8
Q
Real Estate Tax
A
Tax Rate x Assessed Value
9
Q
Amount of Coverage
A
Amount of Coverage on Home x Percent
10
Q
FHA Maximum
A
Monthly Net Pay x Given Percent
