CA Real Estate Principles Course » 2021 » Section 16 Unit 2 Exam

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Question #1
A buyer has a 30-year, $750,000 loan with a 5.75% interest rate. How much of the first monthly payment is interest?
A.   $3,750.27
B.   $3,593.75
C.   $3,500.93
D.   $10,869.57
Question #2
Phoebe’s gross monthly income is $4,200, and she has $360 in monthly non-housing debt payments. The lender’s qualifying ratios are 28% for the housing ratio and 36% for the total DTI ratio. What’s the maximum housing payment she can afford?
A.   $1,512
B.   $1,075
C.   $1,152
D.   $1,176
Question #3
A buyer anticipates a house payment of $1,000 per month, with monthly homeowner association fees of $150. The buyer also has a car payment of $400 per month. If the buyer earns a monthly gross income of $5,000, what's the housing ratio?
A.   23%
B.   28%
C.   31%
D.   20%
Question #4
Grant and Adela arrange a $150,000 loan at 4.5% annual interest with their lender. What’s their monthly interest amount?
A.   $550.25
B.   $575.75
C.   $562.5
D.   $570

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