The Gonzales want to buy a new home in Sky Ranch Park. They need to borrow $368,000. Their bank offers an opportunity for the couple to buy down the quoted interest rate of 5.4% 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?
0.7 points
0.7
Question 2
2.
The Gonzales want to buy a new home in Sky Ranch Park. They need to borrow $368,000. Their bank offers an opportunity for the couple to buy down the quoted interest rate of 5.4% 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?
0.6 points
0.6
Question 3
3.
Monthly Payment with original interest
0.7 points
0.7
Question 4
4.
Monthly payment with new interest
0.7 points
0.7
Question 5
5.
Subtract the two monthly payments:
1 point
1
Question 6
6.
Divide the cost of points (Answer from #2) and the difference from monthly payments (answer #5 above)
0.7 points
0.7
Question 7
7.
Andrew wants to rent an apartment for college. The apartment has a monthly rent of $1,500. 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: $150
Security deposit: first and last month’s rent
Broker’s fee: 2% of yearly rent
0.7 points
0.7
Question 8
8.
Ruben is borrowing $386,000 to buy a new model home. He has been approved for a 30-year loan at an APR of 4.8%. What will his monthly payment be?
1 point
1
Question 9
9.
The assessed value of Jax’s house is $298,400. The annual property tax rate is .91% of the assessed value. What is the annual property tax rate on Jax’s home?
0.5 points
0.5
Question 10
10.
Alicia has a (yearly) adjusted gross income of $152,000. She wants a monthly mortgage, property tax, and homeowner's insurance of $2,319. She has credit card bills, a car payment, and student loans totaling $6,875. What is her back-end ratio? Round to the nearest tenth of a percent.
1 point
1
Question 11
11.
A room measures 11 ft by 13 ft and has a ceiling height of 9 ft. It faces the north and is poorly insulated. Determine the number of BTUs needed for a window air conditioner. Round to the nearest thousand.
1 point
1
Question 12
12.
How far is the ladder from the wall? (Round your answer to the nearest tenth)
1 point
1
Question 13
13.
You're trying to see your friend on the roof. What is the angle of elevation your eyesight will be when you are 23 feet from the wall? Round to the whole degree.
0.7 points
0.7
Question 14
14.
Alex bought a house for $267,000 a couple of years ago. He has paid some of it off and now owes $172,000. The selling price of the house is now $302,000. How much profit will Alex make?
1 point
1
Question 15
15.
Jeremiah has to make a 10% down payment for a home that costs $319,000. How much should he expect his closing costs to be? Round to the nearest dollar (no decimals). Put a dash(-) between your numbers.
1 point
1
Question 16
16.
Ricardo has a co-op in Downtown San Diego. The total number of shares in the cooperative is 64,000 shares. If Ricardo owns 9,600 shares, what percentage of the cooperative corporation does he own (to the nearest tenth of a percent)?
0.6 points
0.6
Question 17
17.
When the Zarate's moved into their house they paid $410 for their electricity in August. 5 years later, they paid $591. What was the percent change to the nearest percent?
0.7 points
0.7
Question 18
18.
Given the following table determine the exponential regression equation: (round to three decimal places) www.desmos.com
0.5 points
0.5
Question 19
19.
What would be a good estimate for rent in 2017? Round to the nearest tens place.
1 point
1
Question 20
20.
Six years ago, Jason purchased a co-op. This year, his monthly maintenance fee is $1,410. Sixteen percent of this fee is for Jason’s property taxes. How much will Jason pay this year in property taxes?
1 point
1
Question 21
21.
Elisa moved into an apartment close to her new school. She will be paying $1,900 per month in rent and expects a 1.86% 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 point
1
Question 22
22.
Jacinto put a mirror on the ground and is standing 8 ft from it. His height from the ground is 6 ft m. The tree is 18 ft from the mirror. What is the tree's height to the nearest tenth of a foot?
