Consumer Math B
You have a credit card that has a balance of $3,589.90 and a credit limit of $5,000. How much is the balance over the acceptable debt ratio percentage?
$1,089.90
You or your parents earn $53,698.00/yr and have...
$10,802.96
If you improved your credit score to good and paid $1,500 on your purchase from question 11, how much interest could you save in the first month?
$14.68
Your rent is $750.00/month. What should your minimum realized income be?
$2,678.57
You or your parents plan to pay $1,275.00/month for a mortgage. How much is the minimum realized income per month to the nearest penny?
$4,553.57
You are purchasing a car for $12,465.00 plus 5.65% sales tax. You make a $1,300.00 down payment and have a fair credit score. How much interest is due at the end of the first month?
$63.30
Using the credit from question 13...
1,107.55
Say that you (or your parents) are purchasing a car for $22,358. The sales tax is...
133.88
You (or your parents) purchased a used car for $15,867.00 plus 5.25% sales tax. The down payment is 10% of the total cost and you (or your parents) have an excellent credit rating. What is your principal balance at the start of the loan?
15,867+ (15,867*0.0525) = 15,867 + 833.02 = 16,700.02 0.1*16,700.02 = 1,607.00 16,700.02-1,670.00 = **$15,030.02**
How much more interest do you or your parents have to pay at the end of the first month because their rating is good rather than excellent?
18.71
Say that you (or your parents) are purchasing a new car for $19,850. The sales tax is...
326.83
Your parents are purchasing a mobile home for $89,000...
352.95
Say that you or your parents are purchasing a house for $235,000 and have an excellent credit score. If you pay $1,678.93 at the end of the first month, how much is applied to the principal balance?
748.72
You (or your parents) are paid $13.75/hr and your...
86 hours
If your parents' credit rating for question 18 had been average, how much is the principal balance at the end of the first month after applying the $925.67 payment?
89,249.80
Your parents purchased a mobile home for $84,505.00 and secure it to the ground. If they have an excellent credit rating and using the table, how much is the interest rate at the end of the first month?
A. $246.08
You (or your parents) purchase a car for $12,125.00 plus 7.5% sales tax. The down payment is $3,125.00. You have a fair credit rating. What is your new principal balance of the second month is you pay $529.75 at the end of the first month?
A. $26,706.14
You go to Whome Insurance Company...
A. $78.09
The highest FICO score is ____
A. 850
Using the table, where does the smallest change in interest rates between secured and unsecured occur?
A. At the excellent rating
Interest begins accruing on a ____ the day of the transaction
A. Cash advance
A ____ is not an example of collateral
A. Checking account
Secured debts must have ____
A. Collateral
Unsecured debt interest rates are usually ____ when compared to secured debt
A. Higher
Which type of debt is most often secured?
A. Mortgage
Which type of debt is secured?
A. Mortgage
There is typically a significant difference in loan interest rates between ____
A. New cars and used cars
If you put a down payment on a house of less than 20% of its value, you typically have to pay ____
A. PMI
Suppose that your goal is to build a credit history by establishing a FICO score. How should you approach payments on a long-term loan, such as an auto loan?
A. Pay the minimum amount required each bill
The original loan amount is referred to as the ____
A. Principal
To work backwards to find realized income needed from a given mortgage payment amount, you use ____
A. Proportions
Lenders rely on credit scores to determine ____
A. Risk
An example of unsecured debt is ____
A. Student loan
You lease a car valued at $23,495.00 for 3 years at $429.95/month with a $500.00 down payment. If interest is 30% of the payments, how much interest is paid over the 3 years?
B. $4,643.46
The target maximum rate for debt ratio is ____
B. 50%
You (or your parents) are purchasing a new car. Which interest rate do you use?
B. 6.30%
A(n) ___ shows you the schedule of payments on a loan and the total interest and payments at the end of a loan
B. Amortization table
A(n) ____ has a set payment schedule to pay off the debt
B. Auto loan
Insurance companies usually charge ____
B. Base rates
Which of the credit cards below should you pay off first?
B. Brok
Interest begins accruing the date of the transaction except for ____
B. Credit card purchases
At the start of January, you have a credit card with a balance of $498, a credit limit of $900, and an interest rate od 15%. You make monthly payments of $35. At the end of which month will your balance be below the target debt ratio?
B. February
Most secured loans are not ____
B. High interest
The higher your credit score, the ____ your fixed expenses
B. Lower
A ____ is when a payment is credited to an account
B. Posting date
Retail value is also known as the ____
B. Sticker value
Which expense might you pay when you rent?
B. Utilities
Using the information from question 2, what is the remaining balance when the lease ends?
C. $12,160.26
You (or your parents) are purchasing a car for $18,965.00 plus 6.25% sales tax. The down payment is $1,500.00. What is the difference in the accrued interest at the end of the first month between the average and excellent credit ratings?
C. $14.77
You are purchasing a car for $12,985.00 with the help of your parents. How much interest is saved in the first month using their good credit rating compared to your fair rating, using the table above?
C. $15.15
The maximum outstanding balance you should have on a credit card with a $4,000.00 limit is ____
C. $2,000.00
The lowest FICO credit score is ____
C. 620
New cars depreciate most ____
C. As soon as you take ownership and drive off the lot
Which item CANNOT be used as collateral for a loan?
C. Bank account
Where is the greatest difference in interest?
C. Between average and the low range of poor
There is a great deal of difference in interest rates between ____
C. Excellent and poor credit ratings
Owning a home may allow you to deduct ____
C. Interest on a mortgage
If you plan to keep your mileage within 12,000 to 15,000 miles per year, maintain the car very well, and only keep it for about 3 years, you should ____
C. Lease the car
When you agree to pay a car dealer for the use...
C. Leasing
A mobile home secured to the ground qualifies for what kind of loan?
C. Mortgage
PMI stands for ____
C. Private Mortgage Insurance
You purchase a new car for $17,000 and are able to acquire a loan because of your excellent credit score. How much is the total interest and insurance per month if you use Whome Insurance Company from question 3 for your insurance coverage and don't quality for the safe driver discount?
D. $162.33
You have a student loan for $12,647.00. What number is the rate multiplier in the l= Prt formula if you have an average credit rating?
D. 0.0780
You should have ____ revolving credit lines
D. 2 to 6
A car is considered to be ____
D. All of the above
Secured debt usually has ____
D. All of the above
You should buy a new car if ____
D. All of the above
A(n) ____ is considered unsecured debt
D. Credit card
Which item cannot be used to secure a debt?
D. Credit card
A good resource for information on cars is ____
D. Kelly Blue Book
Unit 1 Lesson 15- Debt vs. Saving Unit Test Part 1
idk what happened to lesson 14, I guess the teacher deleted it?
idk the answer, sorry
look it up on brainly
idk the answer for this one either 😳 sorry
look it up on brainly?
sorry idk the answer to this one
maybe it'll be on Brainly by the time you're doing this assignment? install the app and look it up. or look it up on Google. good luck.
Unit 2 Lesson 1- Budgeting
sorry, the class ended and I forgot to come back :( good luck though
Your parents are buying a house for $187,500...
the realized income must be $5,625 before each month. (work your way back to the initial question though, I don't know the work you need to show, I just know the answer. show your work.)