Question 1 Multiple Choice (1.0000 points) Question: The Loomis Friendly Savings and Loan offers to fund you a loan of \$55,000 for 30 years with monthly payments at a nominal interest rate of 10.25%. If they charge 2.5 points, what is the Annual Percentage Rate (APR) that they are really charging? 10% 10.25% 10.50% 10.56% None of the above

 Question 2 Multiple Choice (1.0000 points) Question: The Department of Veterans Affairs will guarantee loans to eligible veterans up to what percentage of a property's value? 100 percent 97 percent 97 percent of the first \$50,000 and 95 percent for higher amounts. 80 percent. 100 percent of the first \$27,500 only.

 Question 3 Multiple Choice (1.0000 points) Question: What is the amount advanced to the borrower on a \$100,000 mortgage loan paid monthly at 12% nominal interest for 30 years if the lender charges 4 points? 1,028.61 \$104,000 \$100,000 96,000 none of the above

 Question 4 Multiple Choice (1.0000 points) Question: What is the annual debt service on a 30 year 11% mortgage of \$92,000 if the loan is amortized monthly? \$10,120 \$13,187 \$13,514 none of the above

 Question 5 Multiple Choice (1.0000 points) Question: What is the correct annual sinking fund reserve for replacements for a roof estimated to cost \$20,000 in 15 years if the sinking fund account pays 8% per annum? \$1,333 \$737 \$2,337 \$6,305