Question 1

Assuming a PITI of approximately $1,300 for the townhouse,will they be approved for a mortgage?

Accepted Answer

A) No,based on the amount of their existing debt they will not be approved. 
B) No,based on the 28 percent rule they will not be approved. 
C) Yes,based on the 36 percent rule they will be approved. 
D) Yes,based solely on their combined income they will be approved. 
A) No,based on the amount of their existing debt they will not be approved. 
B) No,based on the 28 percent rule they will not be approved. 
C) Yes,based on the 36 percent rule they will be approved. 
D) Yes,based solely on their combined income they will be approved.

Question 2

A condominium is a good choice of housing for someone seeking an affordable,low-maintenance situation with some shared amenities.

Accepted Answer

A) True 
 B)False

Question 3

Mortgage bankers originate mortgage loans,sell them to banks,pension funds,and insurance companies,and service or collect all the monthly mortgage payments.

Accepted Answer

A) True 
 B)False

Question 4

PITI stands for the total of your monthly principal,income,taxes,and insurance.

Accepted Answer

A) True 
 B)False

Question 5

An assessment is a voluntary contribution by the condominium owners.

Accepted Answer

A) True 
 B)False

Question 6

Why may it be a good idea for newlyweds to lease a few years before purchasing a home together?

Accepted Answer

There are several good reasons for newly

Question 7

Claire is going to get a 25 year mortgage at a 4.5% APR with monthly payments.Claire estimates she can make a $1,750 monthly mortgage payment.How much mortgage will Claire qualify for?

Accepted Answer

A) $345,382.03 
B) $276,614.51 
C) $314,843.06 
D) $287.451.04 
A) $345,382.03 
B) $276,614.51 
C) $314,843.06 
D) $287.451.04

Question 8

Jeremy does not like the idea of paying points.A point is actually

Accepted Answer

A) one percent of the selling price of the house. 
B) one percent of the amount financed with the mortgage. 
C) one percent of the selling price minus the realtor's fee. 
D) one percent of the taxable value of the house and property. 
E) none of the above. 
A) one percent of the selling price of the house. 
B) one percent of the amount financed with the mortgage. 
C) one percent of the selling price minus the realtor's fee. 
D) one percent of the taxable value of the house and property. 
E) none of the above.

Question 9

Stretching a car loan from 48 months to 60 months means the car will end up costing you more when you have paid in full.

Accepted Answer

A) True 
 B)False

Question 10

According to the Keown Book,what are some tips on making a complaint to a company?

Accepted Answer

A good strategy is to write a brief,conc

Question 11

A co-op is an apartment building owned by a corporation where residents of the building are stock holders.When you buy into a co-op,you buy shares that reflect the dollar value of your space.The larger and more desirable the space you want requires purchase of more shares.

Accepted Answer

A) True 
 B)False

Question 12

Young,single people often live in rental housing,since they may not yet have the funds to purchase a home.

Accepted Answer

A) True 
 B)False

Question 13

An attorney will draw up a contract for the purchase of a house.What provisions should you have in it?

Accepted Answer

-the price,method of payment,buyer and s

Question 14

Whether or not you itemize your tax deductions,you reap tax benefits due to the tax deductibility of the interest payments on your mortgage.

Accepted Answer

A) True 
 B)False

Question 15

An app that will help you with smart buying by allowing you to scan the bar code of a product and see if there are lower prices is?

Accepted Answer

A) Best Buy 
B) Red Laser 
C) Best Price 
D) Top Dollar 
A) Best Buy 
B) Red Laser 
C) Best Price 
D) Top Dollar

Question 16

Rob Roy is toying with the idea of buying a used car every three years instead of leasing or buying a new one.Assuming he can find a one-owner with low miles in good condition,what advantages might he enjoy?

Accepted Answer

Today,there are many good used cars on t

Question 17

Abigail is financing her first home.She is borrowing $125,000.Her bank is loaning her the money for 15 years at an APR of 5.7%.What will Abigail's monthly mortgage payment be?

Accepted Answer

A) $958.75 
B) $998.22 
C) $1,001.44 
D) $1,034.67 
A) $958.75 
B) $998.22 
C) $1,001.44 
D) $1,034.67

Question 18

All of the following are advantages of renting versus buying a home except

Accepted Answer

A) mobility. 
B) no property taxes. 
C) not responsible for home repairs or maintenance. 
D) control over remodeling and decorating decisions. 
E) no risk of falling housing prices. 
A) mobility. 
B) no property taxes. 
C) not responsible for home repairs or maintenance. 
D) control over remodeling and decorating decisions. 
E) no risk of falling housing prices.

Question 19

Your mortgage is an ARM with a 1 year adjustment interval,4% margin,and a 2% periodic cap.Your initial APR on this loan was 4.5%.Over the last 5 years the market rates of interest have risen dramatically.The current interest rate index for your loan is 8.5 %.What APR are your monthly payments being calculated on today?

Accepted Answer

A) 4.5% 
B) 8.5% 
C) 10.5% 
D) 12.5% 
A) 4.5% 
B) 8.5% 
C) 10.5% 
D) 12.5%

Question 20

Name six factors that will determine your monthly lease payment.

Accepted Answer

1.The agreed-upon price of the vehicle
2

Assuming a PITI of approximately $1,300 for the townhouse,will they be approved for a mortgage?

A condominium is a good choice of housing for someone seeking an affordable,low-maintenance situation with some shared amenities.

Mortgage bankers originate mortgage loans,sell them to banks,pension funds,and insurance companies,and service or collect all the monthly mortgage payments.

PITI stands for the total of your monthly principal,income,taxes,and insurance.

An assessment is a voluntary contribution by the condominium owners.

Why may it be a good idea for newlyweds to lease a few years before purchasing a home together?

Claire is going to get a 25 year mortgage at a 4.5% APR with monthly payments.Claire estimates she can make a $1,750 monthly mortgage payment.How much mortgage will Claire qualify for?

Jeremy does not like the idea of paying points.A point is actually

Stretching a car loan from 48 months to 60 months means the car will end up costing you more when you have paid in full.

According to the Keown Book,what are some tips on making a complaint to a company?

A co-op is an apartment building owned by a corporation where residents of the building are stock holders.When you buy into a co-op,you buy shares that reflect the dollar value of your space.The larger and more desirable the space you want requires purchase of more shares.

Young,single people often live in rental housing,since they may not yet have the funds to purchase a home.

An attorney will draw up a contract for the purchase of a house.What provisions should you have in it?

Whether or not you itemize your tax deductions,you reap tax benefits due to the tax deductibility of the interest payments on your mortgage.

An app that will help you with smart buying by allowing you to scan the bar code of a product and see if there are lower prices is?

Rob Roy is toying with the idea of buying a used car every three years instead of leasing or buying a new one.Assuming he can find a one-owner with low miles in good condition,what advantages might he enjoy?

Abigail is financing her first home.She is borrowing $125,000.Her bank is loaning her the money for 15 years at an APR of 5.7%.What will Abigail's monthly mortgage payment be?

All of the following are advantages of renting versus buying a home except

Name six factors that will determine your monthly lease payment.

The Financial Planning Process

Measuring Your Financial Health and Making a Plan

Understanding and Appreciating the Time Value of Money

Tax Planning and Strategies

Cash or Liquid Asset Management

Using Credit Cards: the Role of Open Credit

Student and Consumer Loans: the Role of Planned Borrowing

Life and Health Insurance

Property and Liability Insurance

Investment Basics

Investing in Stocks

Investing in Bonds and Other Alternatives

Mutual Funds: an Easy Way to Diversify

Retirement Planning

Estate Planning: Saving Your Heirs Money and Headaches

Financial Life Eventsfitting the Pieces Together

Filters

Exam 8: The Home and Automobile Decision

Assuming a PITI of approximately $1,300 for the townhouse,will they be approved for a mortgage?

A condominium is a good choice of housing for someone seeking an affordable,low-maintenance situation with some shared amenities.

Mortgage bankers originate mortgage loans,sell them to banks,pension funds,and insurance companies,and service or collect all the monthly mortgage payments.

PITI stands for the total of your monthly principal,income,taxes,and insurance.

An assessment is a voluntary contribution by the condominium owners.

Why may it be a good idea for newlyweds to lease a few years before purchasing a home together?

Claire is going to get a 25 year mortgage at a 4.5% APR with monthly payments.Claire estimates she can make a $1,750 monthly mortgage payment.How much mortgage will Claire qualify for?

Jeremy does not like the idea of paying points.A point is actually

Stretching a car loan from 48 months to 60 months means the car will end up costing you more when you have paid in full.

According to the Keown Book,what are some tips on making a complaint to a company?

A co-op is an apartment building owned by a corporation where residents of the building are stock holders.When you buy into a co-op,you buy shares that reflect the dollar value of your space.The larger and more desirable the space you want requires purchase of more shares.

Young,single people often live in rental housing,since they may not yet have the funds to purchase a home.

An attorney will draw up a contract for the purchase of a house.What provisions should you have in it?

Whether or not you itemize your tax deductions,you reap tax benefits due to the tax deductibility of the interest payments on your mortgage.

An app that will help you with smart buying by allowing you to scan the bar code of a product and see if there are lower prices is?

Rob Roy is toying with the idea of buying a used car every three years instead of leasing or buying a new one.Assuming he can find a one-owner with low miles in good condition,what advantages might he enjoy?

Abigail is financing her first home.She is borrowing $125,000.Her bank is loaning her the money for 15 years at an APR of 5.7%.What will Abigail's monthly mortgage payment be?

All of the following are advantages of renting versus buying a home except

Name six factors that will determine your monthly lease payment.

The Financial Planning Process

Measuring Your Financial Health and Making a Plan

Understanding and Appreciating the Time Value of Money

Tax Planning and Strategies

Cash or Liquid Asset Management

Using Credit Cards: the Role of Open Credit

Student and Consumer Loans: the Role of Planned Borrowing

Life and Health Insurance

Property and Liability Insurance

Investment Basics

Investing in Stocks

Investing in Bonds and Other Alternatives

Mutual Funds: an Easy Way to Diversify

Retirement Planning

Estate Planning: Saving Your Heirs Money and Headaches

Financial Life Eventsfitting the Pieces Together

Filters