financial math unit 5

Jack and Brenda Bushnell pay $2,870.19 in annual property taxes. The rate of assessment for their tax district is 54%, and their tax rate is 39.87 mills. What is their property's market value to the nearest cent?

$$133,312.43

Jill Barkely obtained a 25-year, $460,000 mortgage loan from University Savings and Loan Association with 6% interest. The monthly payment is $2,962.40. For the first payment, find the interest to the nearest cent.

$2300.00

Dave Amata and his family purchased a new home that has an estimated replacement value of $275,000. They want to insure their home for 85% of its replacement value. What is the amount of the coverage on their home to the nearest dollar?

$233,750.00

Harry Joodini has insured his home for 85% of its replacement value of $185,000. Use the chart to determine the amount of coverage for loss of use to the nearest cent.

$39,312.50

Tony Addison obtained a 20-year, $45,000 mortgage loan from United Savings with an interest rate of 8.5%. His monthly payment is $390.60. After the first payment, what is the new principal?

$44,928.15

Jill Barkely obtained a 25-year, $460,000 mortgage loan from University Savings and Loan Association with 6% interest. The monthly payment is $2,962.40. For the first payment, find the new balance to the nearest cent.

$459,337.60

Cristina Suarez has insured her home for 80% of its replacement value of $155,000. Use the chart to determine the amount of coverage for her personal property, to the nearest dollar.

$55,800.00

Dan Miller has been granted a $120,000 mortgage loan. When signing the papers to purchase his new home, he must pay the closing costs shown. What are the total closing costs to the nearest dollar?

$5765.00

Carlita Rodriguez and her brother purchased a house for $156,600. Neighbors Credit Union financed their loan for 30 years at 7% with 20% down. For the first monthly payment, what is the interest?

$730.80

Reggie Patterson received a tax statement showing that the market value of his home is $209,900. The rate of assessment in his locality is 40%. What is the assessed value of Reggie's home?

$83,960.00

farra Stetson is planning to buy rental property. She finds a home priced at $112,000. What is the amount of her mortgage loan if a down payment of 10% is required?

100,800

Nahla Burtoni is buying her first home for $125,000. She has been granted a mortgage loan at an annual interest rate of 8.5% for 20 years with a $25,000 down payment. Closing costs are 2% of the amount of the mortgage loan and will be financed as part of the mortgage. What is the actual amount financed with the mortgage?

102,000

Donald Truthe bought an office chair, cabinets, and a computer desk for his new business, with an installment loan that has an APR of 10%. The cost of the furniture is $2,500. The store financing requires a 10% down payment and 24 monthly payments. What is his monthly payment to the nearest cent?

103.73

Patti Green and her husband are purchasing a condominium for $123,000. They have $15,000 for a down payment. What is the amount of their mortgage loan in whole dollars?

108,000.00

Find 3.4% of 340 to the nearest tenth.

11.60

Tim and Kiesha Woodall purchased a home priced at $186,700. They put $28,005 down and financed the rest at 7% for 20 years. What is the amount of their monthly mortgage payment?

1229.89

Find 55% of 2,438 to the nearest tenth.

1340.90

April Segal and her sister obtained a 25-year, $120,000 loan for their new home. The interest rate is 7.5% and their monthly payment is $886. How much of the first payment is for principal?

136.00

Darlene O'Brien is buying rental property. She finds a home priced at $167,000. What is the amount of her mortgage loan if a down payment of 10% is required?

150,300.00

Ruby Taylor decided to purchase a condominium. She found a property and the owner accepted her offer of $165,000. The financing company requires a 10% down payment for a 30-year loan at 6%. At the end of 30 years, what will be the total amount of interest charged?

172,260

Hazeline Allen's mortgage loan amount is $87,750. She financed her house for 30 years with monthly payments of $725. At the end of 30 years, what will be the total amount of interest charged?

173,250

Jackie Kessel has found a home she would like to purchase. The seller accepts her offer of $210,900. Jackie will make a down payment of 15%. What is the amount of her mortgage loan?

179,265

Amanda Wolpert's home in Richmond, Virginia, has an assessed value of $74,200. The tax rate where she lives is 25.13 mills. What is her annual real estate tax?

1864.65

Rush Trainer purchased a houseboat for $165,000. The financing company requires a 15% down payment for a 30-year loan at 7%. At the end of 30 years, what will be the total amount of interest charged?

195,508.50

A new jumbo-sized flat-screen television sells for $3,999. A down payment of 45% of the selling price is required and the rest can be financed. How much can be financed?

2199.45

Alison Neiman is purchasing a home for $165,000. The bank is willing to finance the purchase if Alison can make a down payment of one-fifth of the selling price. How much money will she need for the down payment?

33,000.00

Sally Jamison has been granted a $120,000 mortgage loan. When signing the papers to purchase her new home, she was told to pay the closing costs shown. What are the total closing costs?

3315.

The repayment schedule is for a $1,300 loan at 7.5% for 6 months. What is the amount for interest at payment 4?

4.10

An architect has been hired to help remodel the bedroom of a house. The bedroom is rectangular with a width of 14 feet and a length of 20 feet. He creates a scale drawing with a width of 7 inches. What is the percentage of the width of the scale drawing compared to the width of the room to the nearest tenth of a percent?

4.2%

The Marshal County tax assessor determines that the market value of Juanita Wilcomb's home is $165,000. The rate of assessment in Marshal County is 28% of market value. What is the assessed value of Juanita's home?

46,200

Adam Wilcox is purchasing a home for $189,000. The bank is willing to finance the purchase if Wilcox can make a down payment of ¼ of the selling price. How much money will he need for the down payment?

47,250

James Chu purchased a home for $113,400. As a first-time homeowner, the bank only requires a 5% down payment. The rest is financed at 6.5% for 30 years. What is the amount of her monthly payment?

680.85

Which pair of equations shares a solution?

6x - 2 = 40 x + 2( x - 4) = 34 - 3 x

Linda Griffith is planning to buy rental property. She finds a home priced at $92,000. What is the amount of Griffith's mortgage loan if a down payment of 10% is required?

82,800

Find 0.04% of 214,568 to the nearest tenth.

85.8

Fred Landers and his brother are interested in purchasing a house priced at $310,000. They plan to put 30% down and finance the remaining amount through Anderson Savings. Anderson Savings has the following closing costs: credit report, $100; appraisal report, $250; title insurance, $190; survey and photographs, $275; recording fees, $70; and legal fees, $280. If the loan is approved, how much cash must Fred and his brother have to secure the loan, including the down payment?

94,165.00

Toby Parker purchased a home for $125,500. The financing company requires a 10% down payment for a 20-year loan at 8%. What is his monthly payment?

944.26

Dupree Jacobs is looking for a house to buy. He currently rents an apartment for $1,000 per month. He finds a house with a $22,000 down payment and learns his mortgage payment would be $700 per month. He estimates his housing and rental expenses as shown. Is it less expensive for Dupree to buy or rent a home?

It is less expensive to rent, because monthly costs of renting are $1,499.58 while monthly costs of owning are $1,508.33

Jackson Polliss is looking for an art studio to buy or rent. He compares costs. Rent would be $1200 a month, plus the additional costs in the chart. He finds a studio with loft for sale and calculates monthly mortgage payment of $750. Additionally, he would have annual homeowner's expenses as shown in the chart. Would it be less expensive for Jackson to buy or rent a home?

It would be less expensive to own, because monthly expenses to own are $1558.33 while monthly expenses to rent are $1,699.58.

Gerri Frederick is a first-time homeowner. Her monthly net pay is $3,000. She estimates the following monthly housing expenses: $950.00 for her mortgage payment, $24.35 for her insurance premium, $85.75 for real estate taxes, $64.74 for electricity, $32.90 for telephone service, and $18.10 for water. Are her monthly expenses within FHA guidelines of 35% of net pay

No; 35% of net pay is $1,050 which is less than her monthly expenses of $1,175.84

Which point on the graph is the solution to this system of linear equations? -x + 5 = y 2x - 4 = y

X

Rebecca Cruz earns $4,904 per month and just bought her first house. Her monthly housing expenses include a $795.00 mortgage payment, $37.75 for insurance premium, $45.25 for real estate taxes, $54.00 for electricity, $23.00 for telephone service, and $21.00 for water. Was Rebecca within the recommended guidelines of spending 35% or less of her monthly gross pay on housing expenses?

Yes; 35% of her monthly gross pay is $1716.40 and she only spends $976.00 a month

Using this U.S. Census Bureau definition document, what is the formula used to define homeownership rate? (Hint: Use this link and scroll toward the bottom of the page:

divide the number of households that are owners by the total number of households, then multiply by 100

In a mortgage loan, allocation to principal increases exponentially while allocation to interest decreases exponentially.

true