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Financial Algebra Budget Review

Quiz by Andrea Gaul

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12 questions
Show answers
  • 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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