**** topic tests
Without buying points, a monthly mortgage payment will be $1,250. Buying 1 point at closing would reduce the payment to $1,236. To the nearest year, how long would it take to break even by buying 1 point, with a $100,000 mortgage?
b. 6 years
Which of the following is not a typical cost associated with renting? a. last months rent b. pet deposit c. property tax d. security deposit
C
To close on a home purchase you only need to pay the down payment and realtor fees.
F
To close on a home purchase you only need to pay the down payment and realtor fees. True or False
False
Limited mobility may be a disadvantage of buying because the home is _____. a. difficult to get around in b. difficult to sell c. expensive to repair d. far away from work
B
A lender estimates the closing costs on a home loan of $90,000 as listed below. Closing Cost Charge Loan origination $180 Title insurance $365 Attorney's fees $795 Inspection $300 Recording fees $120 Escrow $980 The actual closing costs were: Closing Cost Charge Loan origination $180 Title insurance $340 Attorney's fees $830 Inspection $375 Recording fees $150 Escrow $1,000 Evaluate the lender's good faith estimate. a. The lender made a very good estimate; it was within 0.25% of the actual closing costs. b. The lender made a fairly good estimate; it was between 0.25% and 0.5% from the actual closing costs. c. The lender made a somewhat poor estimate; it was between 0.25% and 0.5% from the actual closing costs. d. The lender made a very poor estimate; it was between 0.5% and 0.75% from the actual closing costs.
A
A lender estimates the closing costs on a home loan will be 3% of the loan amount of $180,000. The actual closing costs are listed below. Closing Cost Charge Loan origination $345 Title insurance $600 Attorney's fees $1,350 Appraisal $480 Inspection $550 Recording fees $175 Escrow $1,900 Evaluate the lender's good faith estimate. a. The lender made an excellent estimate; it was equal to the actual closing costs. b. The lender made a very good estimate; it was within 0.25% of the actual closing costs. c. The lender made a fairly good estimate; it was between 0.25% and 0.5% of the actual closing costs. d. The lender made a poor estimate; it was higher than 0.5% of the actual closing costs.
A
Mr. and Mrs. Chavez close on a 30 year home loan for $250,000. The monthly payment with no points is $1,580, but if they buy a point it is $1,560. What might you infer if Mr. and Mrs. Chavez choose not to buy a point? a. They plan to sell the house at the end of 5 years. b. They plan to sell the house at the end of 10 years. c. They plan to sell the house at the end of 15 years. d. They plan to stay in the house at least 30 years.
A
Mr. and Mrs. Zeller close on a 20 year home loan for $150,000. The monthly payment with no points is $1,160, but if they buy a point it is $1,150. What might you infer if Mr.and Mrs. Zeller choose not to buy a point? a. They plan to sell the house at the end of 5 years. b. They plan to sell the house at the end of 15 years. c. They plan to sell the house at the end of 20 years. d. They plan to sell the house at the end of 25 years.
A
Pat and his friend rent an apartment together. Their total cost to move in included first months rent, last months rent and a security deposit of $600. If Pat paid a total of $1,050 to move in, how much is his share of the rent each month? a. $375 b. $450 c. $525 d. $750
A
Latisha found an apartment that she wants to rent. The rent is $675 per month and there is a security deposit of $325. To move in, Latisha must have first months rent, last months rent and the security deposit. How much does Latisha need to move in? a. $1,000 b. $1,325 c. $1,675 d. $2,000
C
Which of the following is an advantage of renting? a. ease of mobility b. economic gain c. financial risk d. tax savings
A
Which of the following refers to the cost associated with getting a statement of the property value when buying a home? a. appraisal b. discount c. inspection d. origination
A
Describe what a loan discount point is and what effect it has on a home loan.
A loan discount point reduces the interest rate that is paid on a home loan. One point reduces the interest rate by 1/8 of a percent, which reduces the amount of the monthly payment.
If the purchase price for a house is $218,500, what is the monthly payment if you put 3.5% down for a 30 year loan with a fixed rate of 6.5%?
A. $1,332.73
Which term is defined as a fee charged for the use of money?
A. interest
A lender estimates that the closing costs on a $312,500 home loan will be $12,500. The actual closing costs were 4.25% of the loan amount. Determine if the closing costs were higher or lower than the estimate and by what percent. a. higher by 0.125% b. higher by 0.25% c. lower by 0.125% d. lower by 0.25%
B
Aleisha wants to buy a condominium. She has the choice of buying it now or renting it with the option to buy at the end of 4 years. If she rents now, she must pay a deposit of $1,500 and pay rent of $865 per month. If she buys, she would need closing costs and her mortgage payment would be $844. How much would her closing costs need to be in order for the cost to buy to be the same as the cost to rent? a. $4,008 b. $2,508 c. $1,521 d. $1,008
B
Sally must have a total of $2,250 to move in to her new apartment which includes first months rent, last months rent, a pet deposit and a security deposit. If the pet deposit is $150 and the security deposit is $750, how much is her rent each month? a. $650 b. $675 c. $750 d. $1,050
B
The following closing costs were paid on a home loan. Closing Cost Charge Loan origination $320 Title insurance $473 Attorney's fees $915 Appraisal $415 Recording fees $103 Escrow $1,318 If the closing costs were 5% of the loan amount, how much was the loan amount? a. $62,580 b. $70,880 c. $74,424 d. $177,200
B
Without buying points, a monthly mortgage payment will be $1,250. Buying 1 point at closing would reduce the payment to $1,236. To the nearest year, how long would it take to break even by buying 1 point, with a $100,000 mortgage? a. 5 years b. 6 years c. 7 years d. 8 years
B
If the purchase price for a house is $445,500, what is the monthly payment if you put 5% down for a 30 year loan with a fixed rate of 6.25%?
B. $2,605.87
Karina bought a townhouse for $199,900. She has a 30 year mortgage with a fixed rate of 5.5%. Karina's monthly payments are $998.08. What percent of the purchase price was Karina's down payment?
B. 12%
Giselle wants to buy a condo that has a purchase price of $163,000. Giselle earns $2,986 a month and wants to spend no more than 25% of her income on her mortgage payment. She has saved up $33,000 for a down payment. Giselle is considering the following loan option: 20% down, 30 year at a fixed rate of 6.25%. What modification can be made to this loan to make it a viable option, given Giselle's situation?
B. Change the interest to 5.5%
A lender estimates the closing costs on a home loan of $50,000 as listed below. Closing Cost Charge Loan origination $200 Title insurance $530 Attorney's fees $600 Appraisal $265 Inspection $575 Recording fees $130 Escrow $800 If the lender's good faith estimates are accurate, are they a reasonable amount for closing costs? Why or why not? a. Yes, because the lender estimated 3.08% of the home loan in closing costs which falls between 3 - 5%. b. Yes, because the lender estimated 4.6% of the home loan in closing costs which does not fall between 3 - 5%. c. No, because the lender estimated 6.2% of the home loan in closing costs which does not fall between 3 - 5%. d. No, because the lender estimated 17.7% of the home loan in closing costs which does fall between 3 - 5%.
C
Which of the following could result in higher living costs for the homeowner that the renter doesn't have? a. decreased property value b. down payment c. maintenance d. monthly payment
C
Marquet is relocating to an area where she will be attending college. She finds a townhome with an option to rent or buy. The conditions of each are shown below. Rent: Move-in cost of $1,350 and monthly payment of $795. Buy: Move-in cost of $8,235 and monthly payments of $750. Marquet plans to stay in the area for the 5 years it will take her to get a graduate degree, so she decides to buy. Choose the best evaluation of Marquet's decision. a. Since the costs would be the same over the 5 year period, she will have made a good decision if the property value does not decrease. b. She made a fairly good decision. Buying the townhome will be cheaper over the 5 year period as long as she doesn't have major repairs to make. c. She made a poor decision if the property value does not increase. Renting the townhome would be cheaper over the 5 year period. d. There is not enough information given to determine which option is best.
C
Miguel wants to buy a condominium. He has the choice of buying it now or renting it with the option to buy at the end of 3 years. If he buys it now, it will cost him $6,000 to close and his mortgage payment will be $726 per month. If he rents, he must pay a move-in cost of one months rent and a security deposit of $2,000. Miguel decides to rent because it is the cheapest option over the first 3 years. To the nearest dollar, what is the maximum amount of monthly rent payment he could pay? a. $670 b. $782 c. $814 d. $837
C
Mika wants to buy a condominium. He has the choice of buying it now or renting it with the option to buy at the end of 3 years. If he buys now, he could put $0 down, but he must pay closing costs of $7,100. His monthly mortgage payment will be $675. Mika decides to rent instead of buy because it is the cheapest option over the first 3 years. His move-in costs are one months rent and a $750 security deposit.To the nearest dollar, what is the maximum amount of monthly rent payment he could pay? a. $636 b. $654 c. $828 d. $851
C
Money held by the lender to pay homeowners insurance and property taxes is put in a fund called _____. a. closing costs b. commission c. escrow d. origination
C
Three friends decide to rent an apartment and split the cost evenly. They each paid $640 towards the total move in cost of first and last months rent and a security deposit. If rent is $650 per month, how much was the security deposit? a. $10 b. $207 c. $620 d. $1,270
C
Two friends decide to rent an apartment and split the cost evenly. They each paid $575 towards the total move in cost of first and last months rent and a security deposit. If the apartment cost $325 per month to rent, how much was the security deposit? a. $125 b. $250 c. $500 d. $825
C
What is a financial risk of being a homeowner? a. The home may be difficult to sell. b. The home may need repairs. c. The home may decrease in value. d. The home may have taxes.
C
When buying a home, the lender may hold money in an escrow account to pay _____. a. attorney's fees b. origination fees c. property taxes d. title insurance
C
Without buying points, a monthly mortgage payment will be $958. Buying 1 point at closing would reduce the payment to $948.75. If each point costs $1000.00, rounded to the nearest year, how long would it take to break even by buying 1 point? a. 7 years b. 8 years c. 9 years d. 10 years
C
If the purchase price for a house is $309,900, what is the monthly payment if you put 20% down for a 30 year loan with a fixed rate of 6%?
C. $1,486.41
A lender estimates the closing costs on a home loan will be 3.75% of the loan amount of $120,000. The actual closing costs are listed below. Closing Cost Charge Loan origination $300 Title insurance $600 Attorney's fees $1,250 Appraisal $550 Inspection $525 Recording fees $125 Escrow $2,000 Evaluate the lender's good faith estimate. a. The lender made an excellent estimate; it was equal to the actual closing costs. b. The lender made a very good estimate; it was within 0.25% of the actual closing costs. c. The lender made a fairly good estimate; it was between 0.25% and 0.5% of the actual closing costs. d. The lender made a poor estimate; it was off by more than 0.5% of the actual closing costs.
D
Keyon and two of his friends are going to rent a 3 bedroom apartment for $840 a month. The security deposit is $500 and the pet deposit is $265. In addition to the deposits, Keyon and his friends must pay first and last months rent. If they split the cost evenly, how much will each pay to move in? a. $535 b. $613 c. $727 d. $815
D
The list below shows the closing costs on a home loan amount of $185,000. Closing Cost Charge Loan origination $275 Title insurance $528 Attorney?s fees $750 Appraisal $275 Recording fees $121 If the buyer also paid a 3% real estate agent commission, what was the total amount paid at closing? a. $2,499 b. $5,550 c. $6,499 d. $7,499
D
Tomaso and three of his friends are splitting the cost to rent a house for $975 a month. The security deposit is $1,500 and there is a cleaning deposit of $325. They must pay first and last months rent upon moving in. Tomaso has a cat, so he will pay an additional $150 pet deposit that his friends won't. Approximately how much will Tomaso pay to move in? Round your answer to the nearest dollar. a. $850 b. $944 c. $981 d. $1,094
D
Which of the following is a typical cost associated with renting? a. closing costs b. down payment c. property tax d. security deposit
D
Which of the following is not an advantage of renting? a. ease of mobility b. fewer responsibilities c. lower initial costs d. restricted lifestyle
D
Why are closing costs a one time fee? a. Payment of closing costs is required because it is a sign to the lending institution that the investor has every intention of making payments on time. b. If closing costs were paid over time, they would most likely be forgotten and never paid off. c. Most home buyers pay for their houses in full, and consequently pay for the closing costs in full as well. d. The closing costs cover titles, taxes, and realtor costs. After closing, the only monetary obligation is to the lending party.
D
The Williams are buying a house that costs $323,000 and can afford a 10% down payment. If the Williams want the lowest monthly payment, which loan option would you recommend?
D. 30 year fixed, 10% down at a fixed rate of 6%
Why does it take 30 years to pay off $150,000 loan, even though you pay $1000 a month?
D. Even though the principal would be paid off in just over 10 years, it costs the bank a lot of money fund the loan. The rest of the loan is paid out in interest.
Which of the following is not an advantage of buying a home? Tax savings Potential Economic Gain Pride in Ownership Lower Initial Cost
Lower Initial Cost
Which of the following refers to the cost associated with determining the condition of the property when buying a home? a. appraisal b. discount c. inspection d. origination
NOT A
What is the benefit of paying discount points as part of the closing costs? a. Discount points give the buyer a discount on the mortgage. b. Typically points lower the interest rate on the mortgage. The more points that a buyer pays up front, the lower the interest rate. c. Points lower the overall cost of the home. The more points that a buyer pays up front, the lower the total cost at closing. d. Discount points give you a discount from the title company where you go to sign the loan papers.
NOT C
Yolanda closed on a 20 year home loan for $83,000. She chooses to buy only 1 point at closing. By buying a point at her closing, Yolanda reduced her monthly payment by $7.63. Based on the fact that Yolanda chose to buy a point at closing, what would you infer is the minimum amount of time that she will own the home? a. 6 years b. 11 years c. 16 years d. 20 years
NOT C
Which of these statements is most accurate regarding mortgage payments through the life of your loan?
Not B. The amount for your mortgage payments will decline over the life of your loan.
Which of the following statements is true?
Not D. The faster you pay off your mortgage, the lower your monthly payments are.
Describe what is meant by the statement "Renting can restrict ones lifestyle."
Renters must live by the landlord's rules or guidelines. For example, a renter may not be allowed to paint, hang things on the wall, put up decorations or have pets.
Explain how the amount of a down payment affects your monthly mortgage payments.
The more money you put down, the smaller your principal value becomes. Having a smaller principal value will make your monthly payments smaller.
Budgeting for home maintenance early can save money in the long run. Why save early compared to later, especially if the home is new?
a
Given the graph below, predict the cost of utilities for Seattle, WA for the month of September based on the relationship with the other plotted line for Baltimore, MD.
a
Isaiah is trying to decide if the interval use plan is better than the standard use plan for his electricity consumption. Calculate the monthly costs of both plans if he uses 1,275 kWh of electricity per month with 575 kWh on-peak usage and the rest off-peak usage.
a
The Reed and the Merrill families are comparing their utility costs for the past month. The following is a list of the appliances that the families are using to make their comparisons: Assuming that the families use the same appliances in the same way, who spends more to run these appliances in a given 30 day period and by how much?
a
Theresa is buying a condo that costs $127,500. She has $8,300 in savings and earns $3,200 a month. Theresa would like to spend no more than 20% of her income on her mortgage payment. Which loan option would you recommend to Theresa? a. 30 year fixed, 6.5% down at a fixed rate of 5% b. 30 year FHA, 3.5% down at a fixed rate of 6.5% c. 30 year fixed, 5% down at a fixed rate of 6.25% d. 30 year fixed, 10% down at a fixed rate of 5.75%
a
Vanessa bought a house for $268,500. She has a 30 year mortgage with a fixed rate of 6.25%. Vanessa's monthly payments are $1,595.85. How much was Vanessa's down payment? a. $9,314.45 b. $16,781.25 c. $40,275.00 d. $53,040.00
a
Viola has to relocate for her job. She finds a townhome with an option to rent or buy. The conditions of each are shown below. Rent: Move-in costs of $2,380 and monthly payment of $845. Buy: Move-in costs of $5,260 and monthly payment of $785. Viola moves frequently due to her job, but she thinks that she will stay in the area for 4 years. Therefore, she decided to buy. Choose the best evaluation of Viola's decision. a. Since the costs would be the same over the 4 year period, she will have made a good decision if the property value does not decrease. b. She made a fairly good decision. Buying the townhome will be cheaper over the 4 year period as long as she doesn't have major repairs to make. c. She made a poor decision if the property value does not increase. Renting the townhome would be cheaper over the 4 year period. d. There is not enough information given to determine which option is best.
a
A lender estimates the closing costs on a home loan will be 3% of the loan amount of $180,000. The actual closing costs are listed below.
a. The lender made an excellent estimate; it was equal to the actual closing costs.
A lender estimates the closing costs on a home loan will be 3% of the loan amount of $180,000. The actual closing costs are listed below. Evaluate the lender's good faith estimate.
a. The lender made an excellent estimate; it was equal to the actual closing costs.
Mr. and Mrs. Zeller close on a 20 year home loan for $150,000. The monthly payment with no points is $1,160, but if they buy a point it is $1,150. What might you infer if Mr.and Mrs. Zeller choose not to buy a point?
a. They plan to sell the house at the end of 5 years.
Which of the following refers to the cost associated with getting a statement of the property value when buying a home?
a. appraisal
Chyou has heard that gas appliances are cheaper to use and can lower utility costs. She is interested in purchasing a new gas dryer to replace her electric dryer. Assuming that the dryer drys one load per day, use the following chart to determine how much Chyou will save each year in utility costs by purchasing the gas appliance.
b
Fees paid at the time of a home loan transaction between the buyer, seller and lender are called _____. a. application costs b. closing costs c. lending costs d. purchase costs
b
If the purchase price for a house is $345,000, what is the monthly payment if you put 10% down for a 30 year loan with a fixed rate of 6.375%? a. $1,569.27 b. $1,937.12 c. $2,152.35 d. $3,314.59
b
Li-Mei thinks she can save money on electricity by changing all her bulbs from incandescent bulbs to fluorescent bulbs. Based on the following energy cost table, how much can she save each year if she replaces 8 bulbs?
b
Noah has just purchased a previously owned home. He put $5,000 towards a down payment and took out a $65,000 mortgage. Noah knows that his older home will need maintenance right away and wants to budget enough for this coming year for unexpected expenses. When estimating costs for home repair and maintenance, a good estimate is to budget 1% of the purchase price of a house. What would be a good yearly estimate of repairs and maintenance for Noah's home?
b
Shauna wants to buy a house and plans to rent the apartment located in the basement for extra income. The house has a purchase price of $195,600 and she will make a 5% down payment. Shauna has qualified for a 30 year mortgage with a fixed rate of 5.875%. Approximately how much rent should she charge for the apartment in order to cover her monthly mortgage payment if she only wants to spend $400 a month of her own money? a. $300 b. $700 c. $1100 d. $1150
b
The Johnsons are buying a house that costs $210,000 and can afford a 20% down payment. If the Johnsons want the lowest monthly payment, which loan option would you recommend? a. 30 year FHA, 3.5% down at a fixed rate of 6.25% b. 30 year fixed, 20% down at a fixed rate of 6% c. 30 year fixed, 10% down at a fixed rate of 6% d. 15 year fixed, 20% down at a fixed rate 5.5%
b
Tyrell bought a house for $186,500. He has a 30 year mortgage with a fixed rate of 6.5%. Tyrell's monthly payments are $1,060.93. How much was Tyrell's down payment? a. $12,120 b. $18,650 c. $27,975 d. $37,300
b
The following closing costs were paid on a home loan. If the closing costs were 5% of the loan amount, how much was the loan amount?
b. $70,880
Yolanda closed on a 20 year home loan for $83,000. She chooses to buy only 1 point at closing. By buying a point at her closing, Yolanda reduced her monthly payment by $7.63. Based on the fact that Yolanda chose to buy a point at closing, what would you infer is the minimum amount of time that she will own the home?
b. 11 years
What is the benefit of paying discount points as part of the closing costs?
b. Typically points lower the interest rate on the mortgage. The more points that a buyer pays up front, the lower the interest rate.
A lender estimates that the closing costs on a $312,500 home loan will be $12,500. The actual closing costs were 4.25% of the loan amount. Determine if the closing costs were higher or lower than the estimate and by what percent.
b. higher by 0.25%
Bryce has heard that gas appliances are cheaper to use and can lower utility costs. He is interested in purchasing a new gas stove for his kitchen to replace his electric stove. Assuming that the stove gets used one hour per day, use the following chart to determine how much Bryce will save each year in utility costs by purchasing the gas appliance.
c
Julio just bought a $267,900 house. He had a 20 year mortgage with a fixed rate of 5.875%. Julio's monthly payments are $1,558.09. What percent of the purchase price was Julio's down payment? a. 13% b. 15% c. 18% d. 20%
c
Nick found his dream home that has a purchase price of $192,000. Nick earns $3,325 a month and wants to spend no more than 30% of his income on his mortgage payment. He has saved up $35,000 for a down payment. Nick is considering the following loan option: 20% down, 30 year at a fixed rate of 6.25%. What modification can be made to this loan to make it a viable option, given Nick's situation? a. Change to a 15 year fixed loan b. Change the interest to 6% c. Change the down payment to 18% down d. None. This is a viable option for Nick.
c
Samantha is trying to determine how she can save money by cutting her electricity bill. She is currently on a standard use plan for electricity and pays 8.5 cents per kWh. She keeps track of when she uses electricity and is thinking about switching to an interval use plan for electricity which costs 2 cents per kWh for off-peak use and 13 cents per kWh for on-peak use. Off-peak hours are from 8PM - 8AM and on-peak hours are from 8AM - 8PM. Below is the chart of her electricity usage:
c
The Hendersons have just bought a home that requires some monthly yard maintenance. They are trying to decide if they should hire a professional lawn care service to maintain the property or do it themselves. Below are the costs associated with both options:
c
Which of the following statements is true? a. A 30 year fixed mortgage will always result in the lowest payment. b. You must have at least a 20% down payment to get a competitive interest rate. c. The lower your interest rate is, the lower your monthly payments are. d. The faster you pay off your mortgage, the lower your monthly payments are.
c
Which of the following is not true about a loan discount point?
c. A point reduces the interest rate by 1%.
Money held by the lender to pay homeowners insurance and property taxes is put in a fund called _____.
c. escrow
A lender estimates that the closing costs on a $165,000 home loan will be $6,187.50. The actual closing costs were 3.5% of the loan amount. Determine if the closing costs were higher or lower than the estimate and by what percent?
c. lower by 0.25%
When buying a home, the lender may hold money in an escrow account to pay _____.
c. property taxes
In addition to the following closing costs listed below, the buyer pays a realtor commission that is 3.5% of the loan amount. Closing Cost Charge Loan origination $280 Title insurance $476 Attorney's fees $675 Inspection $200 Recording fees $118 Escrow $573 If the loan amount is $165,000, how much was paid at closing? a. $2,322 b. $2,899 c. $5,775 d. $8,097
d
The average national utility price is $270.48. Over a 6-month period, what is the average utility price in Orlando? How does this compare with the national average?
d
What is not an example of a cost related to home ownership?
d
What is the portion of a home's purchase price paid in cash and is not part of the mortgage loan? a. principal b. insurance c. taxes d. down payment
d
Which of the following is not a component of a mortgage payment? a. principal b. interest c. taxes d. down payment
d
A lender estimates the closing costs on a home loan will be 3.75% of the loan amount of $120,000. The actual closing costs are listed below.
d. The lender made a poor estimate; it was off by more than 0.5% of the actual closing costs.
In which of the following cases would you most likely buy a point when closing on a home loan?
d. The monthly payment is reduced by $14 and you plan to sell the home at the end of 7 years.
A lender estimates that the closing costs on a $293,600 home loan will be $11,010. The actual closing costs were 3.25% of the loan amount. Determine if the closing costs were higher or lower than the estimate and by what percent?
d. lower by 0.5%
The Baum and the Freeman families are comparing their electric bills for the past month. The Baum family is on a standard use plan and the Freeman family is on an interval use plan. Each family's usage is listed on the chart below: Both families use 1250 kWh for the given 30 day period. The Freeman family uses 400 kWh during on-peak hours and 850 during off-peak hours. Which family ends up paying more for their utilities? How much more?
not a
The Picketts have lived in their house for about 13 years. They like to keep a well-maintained property and have noticed that the paint on the exterior of their house is starting to peel. They get two bids for painting services from two different contractors. Based on the fee schedule below, which option would be the cheapest and by how much?
not a
The national average utility cost is $270.48 per month. If the average phone bill is 12.6% of the total amount and the average utility cost for Dallas is $326, what would be the cost of a typical Dallas home phone bill?
not a
Zahra is anxious to save money on her utility bills and knows that changing the temperature of the water when she does laundry can help save money. Right now three-fourths of all her laundry is done with the hotter water. Use the table below to determine how much she currently pays in utility costs for laundry. Assume 1 load of wash per day.
not a
Bao has been notified by his electric company that his rates are going up on his graduated fee schedule. He currently pays:
not a or b
Chloe lives in an area where she runs the air conditioner during the 4 hottest months of the year. The air conditioner runs for 7 hours per day at a cost of 21 cents per hour. How much does she spend per year on utility bills for the air conditioner?(Assume there are 30 days in each month)
not a or b
