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Chapter 7 Test

Last updated about 1 year ago
23 questions
1

The Gonzales want to buy a new home in Sky Ranch Park. They need to borrow $382,000. Their bank offers an opportunity for the couple to buy down the quoted interest rate of 5.2% by 0.2% per point purchased. Each point will cost 1% of the amount borrowed. What will be the new interest rate if 2 points are purchased?

1

The Gonzales want to buy a new home in Sky Ranch Park. They need to borrow $382,000. Their bank offers an opportunity for the couple to buy down the quoted interest rate of 5.2% by 0.2% per point purchased. Each point will cost 1% of the amount borrowed. Each point will cost 1% of the amount borrowed. What will be the cost to purchase 2 points?

1

Monthly Payment with original interest

1

Monthly payment with new interest

1

Subtract the two monthly payments:

1

Divide the cost of points (Answer from #2) and the difference from monthly payments (answer #5 above)

1

Match the following defintions to their vocabulary words.

Draggable itemCorresponding Item
a contract between the landloard and the tenanat that details the amount of rent, the length of time to be rented, and rules and regulations that must be followed
leased
the act of legally forcing a tenant to leave a proerty for failture to pay rent or follow the rules of the lease
evict
an assigned value made by the local government on the value of a house for taxation purposes
assessed value
taxes that are based on the assessed value of the property owned.
property taxes
required by mortgage holders, a type of insurance that covers damage to the home due to a fire or other natural disasters, also covers content of the home.
homeowner's insurance
1

Ruben is borrowing $416,000 to buy a new model home. He has been approved for a 30-year loan at an APR of 2.8%. What will his monthly payment be?
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1

Andrew went to rent an apartment for college. The apartment has a monthly rent of $1400. The fees are shown below. How much should he expect to pay for his apartment? (include the rent for the first month when he moves in)

Application fee: $125
Security deposit: first and last month’s rent
pet deposit: $300
Broker’s fee: 3% of yearly rent

1

The assessed value of Jax’s house is $199,700. The annual property tax rate is .79% of the assessed value. What is the annual property tax rate on Jax’s home?

1

Alicia has a (yearly) adjusted gross income of $152,000. Her house bills will equal $2,182 for her mortgage, property taxes, and homeowner’s insurance. Her monthly credit card bills, car payments, and student loans equal $2,975. What is her front-end ratio? Round to the nearest tenth of a percent.

1

A room that faces the east and is poorly insulated measures 10 ft by 12 ft and has a height of 8 ft. Determine the number of BTU's needed for a window air conditioner. Round to the nearest THOUSAND.

1

Given the following table determine the exponential regression equation: (round to two decimal places) www.desmos.com





1

What would be a good estimate for rent in 2018? Round to the nearest tens place.

1

How far is the ladder from the wall? (Round your answer to the nearest tenth)

1

You're trying to reach your cat since they are scared to come off the rooftop. What is the angle of elevation your ladder will be when you lay it 3 feet from the wall? Round to the nearest tenth of a percent.



1

Jeremiah has to make a 10% down payment for a home that costs $268,000. How much should he expect his closing costs to be? Round to the nearest dollar (no decimals). Put a dash(-) between your numbers.

1

Ricardo has a co-op in Downtown San Diego. The total number of shares in the cooperative is 62,000 shares. If Ricardo owns 2,400 shares, what percentage of the cooperative corporation does he own (to the nearest tenth)?

1

When the Zarate's moved into their house they paid $385 for their electricity in August. 5 years later, they paid $541. What was the percent change to the nearest percent?

1

Elisa moved into an apartment close to her new school. She will be paying $1,700 per month in rent and expects a 1.78% rent increase each year. Express the rent y as an exponential function of the number of years rented, x. You are just writing the equation.

1

Alex bought a house for $289,000 a couple of years ago. He has paid some of it off and now owes $215,000. The selling price of the house is now $312,000. How much profit will Alex make?

1

Jacinto put a mirror on the ground and is standing 6ft from it. His eye level from the ground is 5 feet. The flag pole is 30 ft from the mirror. What is the height of the flagpole to the nearest tenth?

1

Six years ago, Jason purchased a co-op. This year his monthly maintenance fee is $1,342. Eighteen percent of this fee is for Jason’s property taxes. How much will Jason pay this year in property taxes?