Write the definitions of the following words:

  1. Income
  2. Assets
  3. Mortgage Payment
  4. Loan
  5. Debt
  6. Down Payment

Peter Piper is trying to buy a house.  Here is his information:

Name:  Peter Piper
Occupation:  Musician
Offer: $254,000
Down:  20%
Mortgage Payment:  $1,844

Assets:  $50,000
Income:  $6,300
Other Debt Payments:  $440
  1. What is the down payment percentage?
  2. Write the down payment percentage as a decimal.
  3. What is the down payment in dollars?
  4. Write 28% as a decimal.
  5. What amount is 28% of monthly income?
  6. What is the mortgage payment?
  7. Is 28% of monthly income greater than the mortgage payment?
  8. Write 36% as a decimal.
  9. What is 36% of monthly income?
  10. What is Mortgage Payment + Other Debt Payments?
  11. Is 36 % of monthly income greater than mortgage payment + other debt payments?
  12. What is a word that rhymes with mouse?