Financial Algebra Budget Review

QuizÂ by Andrea Gaul

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12 questions
• Q1
You are buying a house for \$170,500. In order to get approved for the loan you have to put a 10% down payment on the house. How much will your down payment be? What will your loan amount be?
Down Pmt: 10500 Loan Amt: 160000
Down pmt: \$17050 Loan Amt: 153450
Down Pmt: \$17050 Loan Amt: \$187550
Down Pmt: \$1750 Loan Amt: \$168750
120s
• Q2
You are buying a 125000 house and use \$24000 as a down payment. You pay 7.5% interest over 15 years. What will your monthly payment be?
936.28
630.25
6312.61
706.21
120s
• Q3
If your monthly payment is \$936.28 for your monthly mortgage for 15 years. What will your total payment be? How much interest will you pay?
Total Pmt: 101111 Interest: 24000
Total Pmt: 336672 Interest: 225672
Total Pmt: 168530.40 Interest: 67530.40
Total Pmt: 11235 Interest: 33469.60
120s
• Q4
At the end of dentistry school you want to be able to go on vacation before starting your full time job. You know the trip will cost you \$6000. How much must you invest into an account every month at 3.25% interest compounded monthly so that you will be able to go on your vacation in 8 years?
\$54.81
\$65.43
\$51.23
\$13.53
120s
• Q5
You buy a car for \$26,000. The car immediately depreciates as soon as you drive it off the lot. It depreciates at a rate of 9% every year. How much will your car cost after 4 years?
195
2.60
1782.95
17829.50
120s
• Q6
You start a new job that pays \$30,192 a year. You need \$2000 a month to cover your bills. Will you be able to pay them. If so what is your net pay?
No -\$516
Yes \$838,77
No -\$838.77
Yes, \$516
120s
• Q7
You invest \$340 every month into your savings account at 2.75% interest compounded monthly. If in 25 years you want to be able to use this money as a down payment how much will you have in your savings account?
13271458.71
25147.23
.80
146460.70
120s
• Q8
If Joshua has \$234,567 in assets and \$123456 in liabilities, what would his net worth be?
\$358023
\$-100
\$234567
\$111,111
120s
• Q9
Hannah has liabilities of: mortgage \$1400, Student Loans: \$750, Car payment \$150 and Assets of : Salary: 5600, stocks: \$380 and interest: \$120. Find her debt to income ratio.
38%
45%
2.65%
61%
120s
• Q10
You bought a car for 16000. You put down \$1600, and got \$400 for your old car. You term is for 4 years at .99% interest. What is your monthly payment?
452.52
297.60
1181.29
354.40
120s
• Q11
How much will a 20% down payment on a \$220,000 house be? What will the loan amount be?
Down Pmt: 45600 Loan Amt: 44000
Down Pmt: 44000 Loan Amt: 176000
Down Pmt: 78500 Loan Amt: 141500
Down Pmt: 4400 Loan Amt: 215600
120s
• Q12
What would the monthly payment be on the 220,000 with 20% down if the interest was 4.5% for a 15 year mortgage?
968.52
1254.36
987.56
1346.39
120s

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