Use the following for 10-13
Financial Literacy
Adina makes $61,232 per year and is looking to find a new apartment rental in her city. She searched online and found an apartment for $1,950 per month. The recommendation is to budget between 25% and 30% of your monthly income for rent. Can Adina afford this apartment based upon the recommended interval?
The bank requires that the Dotkoms pay their homeowner's insurance, property taxes, and mortgage in one monthly payment to the bank. If their monthly mortgage payment is $1,812.11, their semi-annual property tax bill is $2236, and their annual homeowner's insurance bill is $920, how much do they pay the bank each month?
Use the following for 3 and 4.
iVan charges an hourly rate for a moving team to load and unload a truck. The charge is a different hourly rate for a team to pack and unpack boxes. use the quotes to determine the iVan hourly rates.
Weekday Move Weekend Move
4 hours of loading/unloading 3 hours of loading/ unloading
6 hours of packing/ unpacking 4 hours of packing/ unpacking
$820 Total Cost $580 Total Cost
Load/unload
Pack/unpack
Determine the monthly rent for an apartment with 1,200 square feet.
Determine the square footage of an apartment with a monthly rent of $1,900
Use the following for 7 and 8.
Tom and Gwen have an adjusted annual gross income of $111,480. Their monthly mortgage payment for the house they want would be $1,725. Their semi-annual property taxes would be $3,660, and the homeowner's insurance premium would cost them $685 per year. They have a monthly $154 car payment, and their credit card monthly payment averages $2,021.
What is the front end ratio?
What is the back end ratio?
The bank approved Sylvie for a $250,000, 15-year mortgage and a monthly payment of $2,100. How much will she pay in interest over the life of the loan.
Use the following for 10-13
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On March 1, Anton purchased a new condominium. He pays a monthly maintenance fee of $1020. His monthly property taxes equal 12.3% of the monthly fee. How much will Anton pay in property taxes for this calendar year?
In 1998, Ben bought a co-op for $190,000. he borrowed $145,000 from the bank to make the purchase. Now he wants to sell the co-op, but the market value has decreased to $85,000. His equity in the co-op is $50,200. If he sells the co-op, he will have to pay off the mortgage. How much will he make/ owe after he pays off the mortgage?
