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Ch 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 $364,000. Their bank offers an opportunity for the couple to buy down the quoted interest rate of 6.1% 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 $364,000. Their bank offers an opportunity for the couple to buy down the quoted interest rate of 6.1% 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 defintion to the following vocabulary

Draggable item		Corresponding Item
the money given to a landlord from a tenant as protection in the event that the meant causes damage to the rented property		security deposit
an assigned value made by the local government on the value of the house for taxation purposes		fixed rate mortgage
the act by a lending institution of taking possession of a home when a homeowner cannot pay the mortgage.		foreclosure
a mortgage in which the monthly APR remain the same throughout the entire loan period		market value
the amount that a house can be sold for		assessed value

1

Andrew wents to rent an apartment for college. The apartment has a monthly rent of $1200. 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: $130
Security deposit: first and last month’s rent
Broker’s fee: 2% of yearly rent

1

Ruben is borrowing $326,000 to buy a new model home. He has been approved for a 30 year loan at an APR of 3.8%. What will his monthly payment be?

1

The assessed value of Jax’s house is $198,700. The annual property tax rate is .87% of the assessed value. What is the annual property tax rate on Jax’s home?

1

Alicia has a (yearly) adjusted gross income of $142,000. She wants a monthly mortgage, property tax, and homeowner's insurance of $2,279. She has credit card bills, a car payment, and student loans totaling $2,875. What is her back-end ratio? Round to the nearest tenth of a percent.

1

A room has measurements11 ft by 12 ft with a ceiling height of 9 ft. The room faces the west and is well insulated. Determine the number of BTUs needed for a window air conditioner. Round to the nearest THOUSAND.

1

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

1

You're trying to see your friend on the roof. What is the angle of elevation your eyesight will be when you are 30 feet from the wall? Round to the whole degree.

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 $302,000. How much profit will Alex make?

1

Jeremiah has to make a 10% down payment for a home that costs $289,000. 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 64,000 shares. If Ricardo owns 3,400 shares, what percentage of the cooperative corporation does he own (to the nearest tenth of a percent)?

1

When the Zarate's moved into their house they paid $410 for their electricity in August. 5 years later, they paid $581. What was the percent change to the nearest percent?

1

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

1

What would be a good estimate for rent in 2016? Round to the nearest tens place.

1

Six years ago, Jason purchased a co-op. This year his monthly maintenance fee is $1,510. Sixteen percent of this fee is for Jason’s property taxes. How much will Jason pay this year in property taxes?

1

Elisa moved into an apartment close to her new school. She will be paying $1,400 per month in rent and expects a 1.76% 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

Jacinto put a mirror on the ground and is standing 4m from it. His eye level from the ground is 2 m. The tree is 20 m from the mirror. What is the height of the tree to the nearest tenth of a meter?