# Mortgages

In this lesson, we will learn about the general principles of mortgages and mortgage loan repayment.

This quiz includes images that don't have any alt text - please contact your teacher who should be able to help you with an audio description.

#### Unit quizzes are being retired in August 2023

Why we're removing unit quizzes from the website >
Quiz:

# Intro quiz - Recap from previous lesson

Before we start this lesson, let’s see what you can remember from this topic. Here’s a quick quiz!

Q1.If a person earned £30,000, they would pay no income tax.

1/5

Q2.In the UK (as of July 2020), you can earn £12,500 and pay no income tax.

2/5

Q3.If I earned £9,000 per year, how much would I pay in income tax?

3/5

Q4.If an individual earned £35,000 a year, how much income tax would they pay?

4/5

Q5.If an individual earned £130,000 a year, how much income tax would they pay?

5/5

This quiz includes images that don't have any alt text - please contact your teacher who should be able to help you with an audio description.

#### Unit quizzes are being retired in August 2023

Why we're removing unit quizzes from the website >
Quiz:

# Intro quiz - Recap from previous lesson

Before we start this lesson, let’s see what you can remember from this topic. Here’s a quick quiz!

Q1.If a person earned £30,000, they would pay no income tax.

1/5

Q2.In the UK (as of July 2020), you can earn £12,500 and pay no income tax.

2/5

Q3.If I earned £9,000 per year, how much would I pay in income tax?

3/5

Q4.If an individual earned £35,000 a year, how much income tax would they pay?

4/5

Q5.If an individual earned £130,000 a year, how much income tax would they pay?

5/5

# Video

Click on the play button to start the video. If your teacher asks you to pause the video and look at the worksheet you should:

• Click "Close Video"
• Click "Next" to view the activity

Your video will re-appear on the next page, and will stay paused in the right place.

# Worksheet

These slides will take you through some tasks for the lesson. If you need to re-play the video, click the ‘Resume Video’ icon. If you are asked to add answers to the slides, first download or print out the worksheet. Once you have finished all the tasks, click ‘Next’ below.

This quiz includes images that don't have any alt text - please contact your teacher who should be able to help you with an audio description.

#### Unit quizzes are being retired in August 2023

Why we're removing unit quizzes from the website >
Quiz:

# Mortgages

Don’t worry if you get a question wrong! Forgetting is an important step in learning. We will recap next lesson.

Q1.A mortgage is a debt that must be repaid, with interest, as a result of purchasing a house.

1/5

Q2.If you had a mortgage, you would prefer to have a high interest rate.

2/5

Q3.If I borrowed £100,000 in the form of a mortgage at a rate of 4% per year interest for 5 years, how much would I pay back at the end? (Assume compound interest, no payments made until the end and the answer is rounded to the nearest pound).

3/5

Q4.If I borrowed £350,000 in the form of a mortgage at a rate of 3.2% per year interest for 20 years, how much would I pay back at the end? (Assume compound interest, no payments made until the end and the answer is rounded to the nearest pound).

4/5

Q5.Which would cost more? A £200,000 mortgage that had a rate of 0.5% for 35 years or a £120,000 mortgage that had a rate of 3% for 25 years?

5/5

This quiz includes images that don't have any alt text - please contact your teacher who should be able to help you with an audio description.

#### Unit quizzes are being retired in August 2023

Why we're removing unit quizzes from the website >
Quiz:

# Mortgages

Don’t worry if you get a question wrong! Forgetting is an important step in learning. We will recap next lesson.

Q1.A mortgage is a debt that must be repaid, with interest, as a result of purchasing a house.

1/5

Q2.If you had a mortgage, you would prefer to have a high interest rate.

2/5

Q3.If I borrowed £100,000 in the form of a mortgage at a rate of 4% per year interest for 5 years, how much would I pay back at the end? (Assume compound interest, no payments made until the end and the answer is rounded to the nearest pound).

3/5

Q4.If I borrowed £350,000 in the form of a mortgage at a rate of 3.2% per year interest for 20 years, how much would I pay back at the end? (Assume compound interest, no payments made until the end and the answer is rounded to the nearest pound).

4/5

Q5.Which would cost more? A £200,000 mortgage that had a rate of 0.5% for 35 years or a £120,000 mortgage that had a rate of 3% for 25 years?

5/5

# Lesson summary: Mortgages

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## Time to move!

Did you know that exercise helps your concentration and ability to learn?

For 5 mins...

Move around:
Walk

On the spot:
Dance