Unit 6 TEST - Dameon Marlow | Library

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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?

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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

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Load/unload

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Pack/unpack

Use the following for 5 and 6.

The square footage and monthly rental of 15 similar one-bedroom apartments yield the linear regression formula y = 1.323x + 925.31, where x represents the square footage and y represents the monthly rental price.

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Determine the monthly rent for an apartment with 1,200 square feet.

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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.

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What is the front end ratio?

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What is the back end ratio?

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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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A.

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B.

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C.

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D.

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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?

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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?