1) Sally makes 3000 each month. What is the most she should spend on housing 2) Rickey took out a 268,000, 30 year mortgage at an APR of 4.34%. What will be the monthly payment ?
a) 1332.56
b) 1463.55
c) 1524.78
d) 1250.01
3) Stephanie would like to rent an apartment for 1350 per month. What would her monthly income need to be to be able to afford this apartment to the rule of thumb?
a) 5500
b) 3000
c) 4500
d) 5000
4) Ricky took out a $268,000, 30 year mortgage at an APR of 4.34%. What will be his total interest charges after 30 years?
a) 254,784.55
b) 211,720.77
c) 172,485.35
d) 199,652.33
5) Sonya took out a mortgage of $65,000 at 7% for 25 years. What is the interest paid over the life of the mortgage?
6) The Martz family pays a rate of 37.5 mills in property tax. The assessed value of the home is $68,000. What is their property tax?
7) Adam is taking out a $197,000 mortgage. His bank offers him an APR of 4.45%. He wants to compare monthly payments on a 15- and 30- year mortgage. What is the difference in the two monthly payments.
a) 509.68
b) 365.75
c) 402.58
d) 231.87