18 Housing Personal Finance

Which type of interest is calculated on home mortgages? compound
Which of these is used to determine property taxes and represents $1.00 for every thousand dollars of property value? mill
Which term is defined as the value of the home minus the loan? equity
According to the Bureau of Labor Statistics, housing represents what percent of the monthly budget of most Americans? 34%
What is the portion of a home’s purchase price paid in cash and is not part of the mortgage loan? down payment
Which term is defined as a fee charged for the use of money? interest
Which of these describes an assumable mortgage? It can be transferred from a seller to a buyer.
Which government official is responsible for determining the amount of property tax a homeowner must pay? assessor
Which of these is a document that gives an estimate of a property’s fair market value? appraisal
What is an amortization schedule? a display of the number of payments and the amount of interest that will be paid

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