Exam 5: Making Automobile and Housing Decisions

Billy and Suzie want to calculate the difference in monthly payments on a $110,000 home as a result of a $5,000 down payment or a $10,000 down payment.Use your financial calculator to figure the monthly payments,assuming they get a 6.5%,30-year mortgage.

(Essay)

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Question 101

A lender will usually require a loan-to-value ratio of ____ or less for you to avoid having to pay private mortgage insurance (PMI).

(Multiple Choice)

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Question 102

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. Select -Most lenders do not want your monthly installment loan payments to exceed [36 | 50] percent of your monthly income.

(Multiple Choice)

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(78)

Question 103

Less rapid depreciation is one advantage of buying a new car rather than a used car.

(True/False)

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Question 104

An increase in the "rent ratio" indicates that renting is more affordable relative to housing prices.

(True/False)

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Question 105

The interest rate charged on adjustable-rate mortgages will change from time to time based on a specified index.

(True/False)

4.9/5

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Question 106

The majority of each monthly payment at the beginning of the loan goes to pay

(Multiple Choice)

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Question 107

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. Select -You made an $800 mortgage payment.The interest on the mortgage for this month was $850.You have just experienced [negative | positive] amortization.

(Multiple Choice)

4.8/5

(78)

Question 108

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. Select -The 11^th District Cost of Funds index is much [more | less] volatile than LIBOR and CD-based indexes.

(Multiple Choice)

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Question 109

Townhome,condominium and co-op owners can deduct real estate taxes and mortgage interest on their federal income taxes.

(True/False)

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Question 110

Jana has $1,500 for a down payment and thinks she can afford monthly payments of $300.If she can finance a vehicle with a 7%,4-year loan,what is the maximum loan amount Jana can afford?

(Multiple Choice)

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Question 111

The first step in the auto-buying process should be

(Multiple Choice)

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Question 112

When refinancing your mortgage,you should consider

(Multiple Choice)

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Question 113

The federal income tax advantage gained from home ownership will depend on the amount of deductible interest and property taxes and your total income.

(True/False)

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Question 114

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. Select -If you qualify,you might be able to buy a home with no down payment with [an FHA | a VA] loan.

(Multiple Choice)

4.9/5

(80)

Question 115

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. Select -Paying mortgage points to get a lower rate of interest makes more sense if you expect to live in a home for a [longer | shorter] period of time.

(Multiple Choice)

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Question 116

____ is a reason for owning your own home.

(Multiple Choice)

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Question 117

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. Select -The Real Estate Settlement Procedures Act governs [mortgage regulations | mortgage closings].

(Multiple Choice)

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(78)

Question 118

In a condominium and townhome,the buyer receives title to an individual unit and joint ownership of the common areas.

(True/False)

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(83)

Question 119

An escrow account is used to collect ____ from one's monthly mortgage payment.

(Multiple Choice)

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(71)

Question 120

Showing 101 - 120 of 220

Billy and Suzie want to calculate the difference in monthly payments on a $110,000 home as a result of a $5,000 down payment or a $10,000 down payment.Use your financial calculator to figure the monthly payments,assuming they get a 6.5%,30-year mortgage.

A lender will usually require a loan-to-value ratio of ____ or less for you to avoid having to pay private mortgage insurance (PMI).

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. Select -Most lenders do not want your monthly installment loan payments to exceed [36 | 50] percent of your monthly income.

Less rapid depreciation is one advantage of buying a new car rather than a used car.

An increase in the "rent ratio" indicates that renting is more affordable relative to housing prices.

The interest rate charged on adjustable-rate mortgages will change from time to time based on a specified index.

The majority of each monthly payment at the beginning of the loan goes to pay

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. Select -You made an $800 mortgage payment.The interest on the mortgage for this month was $850.You have just experienced [negative | positive] amortization.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. Select -The 11^th District Cost of Funds index is much [more | less] volatile than LIBOR and CD-based indexes.

Townhome,condominium and co-op owners can deduct real estate taxes and mortgage interest on their federal income taxes.

Jana has $1,500 for a down payment and thinks she can afford monthly payments of $300.If she can finance a vehicle with a 7%,4-year loan,what is the maximum loan amount Jana can afford?

The first step in the auto-buying process should be

When refinancing your mortgage,you should consider

The federal income tax advantage gained from home ownership will depend on the amount of deductible interest and property taxes and your total income.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. Select -If you qualify,you might be able to buy a home with no down payment with [an FHA | a VA] loan.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. Select -Paying mortgage points to get a lower rate of interest makes more sense if you expect to live in a home for a [longer | shorter] period of time.

____ is a reason for owning your own home.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. Select -The Real Estate Settlement Procedures Act governs [mortgage regulations | mortgage closings].

In a condominium and townhome,the buyer receives title to an individual unit and joint ownership of the common areas.

An escrow account is used to collect ____ from one's monthly mortgage payment.

Understanding the Financial Planning Process

Using Financial Statements and Budgets

Preparing Your Taxes

Managing Your Cash and Savings

Using Credit

Using Consumer Loans

Insuring Your Life

Insuring Your Health

Protecting Your Property

Investment Planning

Investing in Stocks and Bonds

Investing in Mutual Funds

Planning for Retirement

Preserving Your Estate

Filters

Exam 5: Making Automobile and Housing Decisions

Billy and Suzie want to calculate the difference in monthly payments on a $110,000 home as a result of a $5,000 down payment or a $10,000 down payment.Use your financial calculator to figure the monthly payments,assuming they get a 6.5%,30-year mortgage.

A lender will usually require a loan-to-value ratio of ____ or less for you to avoid having to pay private mortgage insurance (PMI).

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. Select -Most lenders do not want your monthly installment loan payments to exceed [36 | 50] percent of your monthly income.

Less rapid depreciation is one advantage of buying a new car rather than a used car.

An increase in the "rent ratio" indicates that renting is more affordable relative to housing prices.

The interest rate charged on adjustable-rate mortgages will change from time to time based on a specified index.

The majority of each monthly payment at the beginning of the loan goes to pay

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. Select -You made an $800 mortgage payment.The interest on the mortgage for this month was $850.You have just experienced [negative | positive] amortization.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. Select -The 11th District Cost of Funds index is much [more | less] volatile than LIBOR and CD-based indexes.

Townhome,condominium and co-op owners can deduct real estate taxes and mortgage interest on their federal income taxes.

Jana has $1,500 for a down payment and thinks she can afford monthly payments of $300.If she can finance a vehicle with a 7%,4-year loan,what is the maximum loan amount Jana can afford?

The first step in the auto-buying process should be

When refinancing your mortgage,you should consider

The federal income tax advantage gained from home ownership will depend on the amount of deductible interest and property taxes and your total income.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. Select -If you qualify,you might be able to buy a home with no down payment with [an FHA | a VA] loan.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. Select -Paying mortgage points to get a lower rate of interest makes more sense if you expect to live in a home for a [longer | shorter] period of time.

____ is a reason for owning your own home.

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. Select -The Real Estate Settlement Procedures Act governs [mortgage regulations | mortgage closings].

In a condominium and townhome,the buyer receives title to an individual unit and joint ownership of the common areas.

An escrow account is used to collect ____ from one's monthly mortgage payment.

Understanding the Financial Planning Process

Using Financial Statements and Budgets

Preparing Your Taxes

Managing Your Cash and Savings

Using Credit

Using Consumer Loans

Insuring Your Life

Insuring Your Health

Protecting Your Property

Investment Planning

Investing in Stocks and Bonds

Investing in Mutual Funds

Planning for Retirement

Preserving Your Estate

Filters

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. Select -The 11^th District Cost of Funds index is much [more | less] volatile than LIBOR and CD-based indexes.