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Staticshock3102

BUY A HOME

Staticshock3102
Apr 25th, 2018
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  1.  
  2.  
  3. Question Number 1 Points: 0.00/5.00
  4. Question Text
  5. According to the formula, if the end of year deposit is $1,500, the annual interest rate is 4%, and the term is 13 years, find A.
  6.  
  7. Click here for a long description of the image above.
  8. Your Answer
  9. B. $20,000
  10. Question Number 2 Points: 5.00/5.00
  11. Question Text
  12. What will Virginia Rice’ monthly payment, M, be if the price of the home, P, is $44,500, the monthly interest rate, r, is 0.005, and the term, n, is 240 months? Use M = Pr(1 + r)n / [(1 + r)n – 1].
  13. Your Answer
  14. C. $318.81
  15. Question Number 3 Points: 5.00/5.00
  16. Question Text
  17. Use the given equation: Quincy and Della King want to purchase a new home; they can afford $670 per month and want a 25-year loan.
  18. The current annual interest rate is 6.85%. Up to what price of home can they afford?
  19.  
  20. Click here for a long description of the image above.
  21. Your Answer
  22. A. $96,093.50
  23. Question Number 4 Points: 5.00/5.00
  24. Question Text
  25. A landlord and tenant rental agreement should include all but which of the following?
  26. Your Answer
  27. D. Job titles of the involved parties
  28. Question Number 5 Points: 5.00/5.00
  29. Question Text
  30. A house often appreciates in value, but a car does what?
  31. Your Answer
  32. C. Depreciates
  33. Question Number 6 Points: 0.00/5.00
  34. Question Text
  35. Using the given equation, if M = $650.00, r = 0.00583, and n = 300, find P.
  36.  
  37. Click here for a long description of the image above.
  38. Your Answer
  39. C. $127,390.33
  40. Question Number 7 Points: 5.00/5.00
  41. Question Text
  42. What expense do you have when you purchase a home that you do not have when you rent?
  43. Your Answer
  44. A. Property taxes
  45. Question Number 8 Points: 5.00/5.00
  46. Question Text
  47. In the table, what amount goes in item (7)?
  48. SUMMARY OF BORROWER'S TRANSACTION
  49. Contract sales price (1) $118,000.00
  50. Settlement charges to borrower (2) $3491.04
  51. Gross amount due from borrower (3) = (1)+(2)
  52. Deposit or earnest money (4) $500.00
  53. Principal amount of new loan (5) $94400.00
  54. County taxes (half year) (6) $605.36
  55. Total paid by borrower (7) = (4)+(5)+(6)
  56. Gross amount due from borrower (8) = (9) + (10)
  57. Less amount paid by borrower (9) $95,505.36
  58. Cash from borrower (10) $25,985.68
  59. Your Answer
  60. C. $95,505.36
  61. Question Number 9 Points: 5.00/5.00
  62. Question Text
  63. Carlos and Letitia Elmos have arranged for the following monthly payment, which includes several items in addition to principal and interest.
  64. Add the items that make up Carlos and Letitia’s monthly house payment in the table. What is the total monthly payment?
  65. Principal and Interest $559.85
  66. Hazard Insurance $85.17
  67. Real Estate Taxes(City) $0.00
  68. Real Estate Taxes (county) $100.59
  69. Mortgage insurance $23.78
  70. Total payment [Total of above items]
  71. Your Answer
  72. C. $769.39
  73. Question Number 10 Points: 0.00/5.00
  74. Question Text
  75. In the table, how much cash did they pay up front?
  76. SUMMARY OF BORROWER'S TRANSACTION
  77. Contract sales price (1) $118,000.00
  78. Settlement charges to borrower (2) $3491.04
  79. Gross amount due from borrower (3) = (1)+(2)
  80. Deposit or earnest money (4) $500.00
  81. Principal amount of new loan (5) $94400.00
  82. County taxes (half year) (6) $605.36
  83. Total paid by borrower (7) = (4)+(5)+(6)
  84. Gross amount due from borrower (8) = (9) + (10)
  85. Less amount paid by borrower (9) $95,505.36
  86. Cash from borrower (10) $25,985.68
  87. Your Answer
  88. B. $3,491.04
  89. Question Number 11 Points: 5.00/5.00
  90. Question Text
  91. What written document between friends or between parents and children is for the protection of both so that the special feelings between them are not taken for granted and assistance and responsibilities are not taken too lightly by either party?
  92. Your Answer
  93. C. Contract
  94. Question Number 12 Points: 0.00/5.00
  95. Question Text
  96. In the table, what amount goes in item (8)?
  97. SUMMARY OF BORROWER'S TRANSACTION
  98. Contract sales price (1) $118,000.00
  99. Settlement charges to borrower (2) $3491.04
  100. Gross amount due from borrower (3) = (1)+(2)
  101. Deposit or earnest money (4) $500.00
  102. Principal amount of new loan (5) $94400.00
  103. County taxes (half year) (6) $605.36
  104. Total paid by borrower (7) = (4)+(5)+(6)
  105. Gross amount due from borrower (8) = (9) + (10)
  106. Less amount paid by borrower (9) $95,505.36
  107. Cash from borrower (10) $25,985.68
  108. Your Answer
  109. D. $125,882.47
  110. Question Number 13 Points: 5.00/5.00
  111. Question Text
  112. According to the formula, if the end of year deposit is $1,500, the annual interest rate is 4%, and the term is 10 years, find A.
  113.  
  114. Click here for a long description of the image above.
  115. Your Answer
  116. D. $18,009.16
  117. Question Number 14 Points: 0.00/5.00
  118. Question Text
  119. Using the given equation, if M = $500.00, r = 0.007, and n = 42, find P.
  120.  
  121. Click here for a long description of the image above.
  122. Your Answer
  123. C. $27,390.33
  124. Question Number 15 Points: 5.00/5.00
  125. Question Text
  126. What will Dan Vogel’s monthly payment, M, be if the price of the home, P, is $94,400, the monthly interest rate, r, is 0.006, and the term, n, is 240 months? Use M = Pr(1 + r)n/ [(1 + r)n – 1].
  127. Your Answer
  128. A. $743.26
  129. Question Number 16 Points: 5.00/5.00
  130. Question Text
  131. What will Alice Cumberly’s room add-on payment, M, be if the complete price of the room, P, is $19,388, the monthly interest rate, r, is 0.0056, and the term, n, is 30 months? Use M = Pr(1 + r)n/ [(1 + r)n – 1].
  132. Your Answer
  133. C. $703.88
  134. Question Number 17 Points: 5.00/5.00
  135. Question Text
  136. What will Edgar Hill’s monthly mobile home payment, M, be if the price of the home, P, is $14,400, the monthly interest rate, r, is 0.006, and the term, n, is 60 months? Use M = Pr(1 + r)n/ [(1 + r)n – 1].
  137. Your Answer
  138. A. $286.50
  139. Question Number 18 Points: 5.00/5.00
  140. Question Text
  141. What is a home sometimes called because certain taxes may be deducted?
  142. Your Answer
  143. D. Tax shelter
  144. Question Number 19 Points: 5.00/5.00
  145. Question Text
  146. What is one thing that a tenant should do without being asked by the landlord?
  147. Your Answer
  148. B. Keep rooms reasonably clean
  149. Question Number 20 Points: 0.00/5.00
  150. Question Text
  151. According to the formula, if the end of month deposit is $100, the monthly interest rate is 0.5%, and the term is 7 years, find A.
  152.  
  153. Click here for a long description of the image above.
  154. Your Answer
  155. A. $9,455.98
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