Exam 7: Independent Living

Row 6 of the spreadsheet below will contain the formulas to generate an amortization table.What formula will be entered into D6?

Front-end ratio is the ratio of monthly housing expenses to all expenses.

Craig and Tammy recently sold their home for $225,000.Their loan balance is $135,680.What is their equity before paying seller's expenses?

Aja made a 20% down payment on a house and was approved for a $185,000 mortgage.Therefore,she should expect her closing costs to be about $3,700 to $12,950.

What type of spreadsheet or table shows an accounting of the unpaid principal,monthly payment,amount allocated toward principal,and the amount allocated towards interest for a mortgage?

Nathan's bedroom has a width of 13 feet,a height of 9 feet,and a length of 14 feet.The level of insulation,i,is 10 and the exposure,e,is 18 because the outside wall faces south.For this room,Nathan should purchase an air conditioner with a BTU rating of about 5,000 BTUs.

Ben and Jane have been approved for a $220,000,30-year mortgage with an APR of 5.82%.What will be their total interest for the 30 years?

The McQuires pay a monthly mortgage payment of $938.They also pay a semi-annual property tax bill of $3,298 and semi-annual homeowner's insurance of $840.The property tax and insurance are paid monthly into an escrow account to their lender.What is their monthly payment to their lender?

Marcus is setting the corner supports for a new deck that measures 15 feet by 20 feet.To ensure that his deck is a perfect rectangle,he measures the diagonals to make sure they are the same.What length should these diagonals be?

Jamal has been approved for a $125,000,30-year mortgage with an APR of 5.3%.He made a 10% down payment and is closing on April 5th.How much should he expect to pay in prepaid interest at closing?

A rectangular room measures 21 feet by 28 feet with a 10 -foot -high ceiling.The flooring is being replaced with carpeting that sells for $10.45 per square foot and entails a $149 installation fee.What is the total pricing for the carpeting with an 8.0% sales tax?

Matt just got a great deal on a 5,000 BTU air conditioner and decided to add a family room with an 8-foot ceiling to the back of his house.If the room faces north and he intends to make sure it is well insulated,how many square feet can his room be without exceeding the capacity of the air conditioner?

Casey has a backyard that is a 50-by-50-foot square.She turned over an irregularly-shaped plot of soil to plant a garden.To find the area of the garden,1,500 random points are generated and 420 of the points land inside the irregularly-shaped garden.What is the area of the garden?

Angela has a monthly gross income of $3,000 and her expenses are $1,200.What is her back-end ratio?

A lease is a written agreement between a bank and a borrower.

What is an ARM?

What is NOT another word for renter?

Name four types of fees you may incur during the closing on the purchase of a new home.

The Jacksons sublet their summer cottage during the winter and spring months.For each month they receive 72% of their monthly mortgage of $1,750.The Jacksons earn $1,260 for the six-month period.

Trystan and Kendall have decided to buy a new home that costs $300,000.They want to make a 20% down payment and finance the rest.Their bank has offered an opportunity to buy down the quoted interest rate of 4.75% by 0.125% per point purchased.Each point will cost 1% of the amount borrowed.Trystan and Kendall were hoping the interest rate was no more than 4.5% What will it cost to buy down the quoted interest rate to 4.5%?