Exam 7: Independent Living

Nancy is buying a house and made a list of her expenses: mortgage payments,utilities,closing costs,prepaid interest,origination fee,and insurance payments.Separate each of the six expenses as either a recurring or a non-recurring cost.

The Bradys have a gross annual income of $175,000 and have been pre-approved for a 30-year mortgage loan at 3.375% as long as the back-end ratio does not exceed 36% The house they want to buy costs $360,000,and they plan to make a down payment of 20%.Their research shows that the semi-annual property taxes for this house are $3,450.They have been given a quote from their insurance company of a $1,290 annual premium.The Bradys currently have a $579 monthly car payment and their monthly credit card bills average $2,100.Will the bank agree to finance the Bradys' dream home?

The length of a room is 21 feet.If a floor plan has a scale of ,then the length of the room on a floor plan is 5.25 inches.

Erica is considering moving into a one-bedroom apartment in Hyde Park.The apartment has a rent of $880 and has the following fees. - Application fee: 5% of one month's rent - Credit application fee: $15 - Security deposit: 1 month's rent - Lease protection: the last month's rent - Broker's fee: 9% of one year's rent - First month's rent How much is Erica expected to pay up front in order to move into this apartment?

According to financial experts,a renter should allow no more than 25% of his or her gross income for rent.

Kate and Ashton have been approved for a $200,000 15-year mortgage with an APR of 5.5%.How much of their first monthly payment will go to interest?

A security deposit is used by a landlord to provide protection for the tenants.

When Mary and Jack bought their house,their property taxes were $3,630 annually.After 8 years,their property taxes are now $4,065.60.What percent increase is this?

A rectangular room measures 14 feet by 17 feet with a 9 -foot -high ceiling.The room is being painted.Each wall will be painted with two coats and the ceiling will be painted with one coat.Each gallon of paint covers 350 square feet and costs $28.What is the total price for paint with an 8.5% sales tax?

Nina owns a condominium where she paid $2,340 in maintenance fees this year.If her property taxes are 18% of this amount,how much did Nina pay in property taxes?

Gretchen is refinishing her gazebo that is in the shape of a regular octagon.The length of one side is 3 feet and the apothem is 3.5 feet.What is the area that Gretchen will be refinishing?

There are 15,000 shares in Marybeth's co-op.If Marybeth owns 2% of the cooperative corporation,how many shares does she own?

Natalie just rented an apartment for $900 a month.She was told that the rent will increase 5.5% each year.About how much will her rent be in 7 years?

Apple-Gate apartment complex uses the line graph of an exponential regression equation to model their rent increases over the past 5 years as compared to other complexes in the neighborhood.The Apple-Gate rent increases are less than other complexes in the area;therefore the slope of their graph should be steeper.

Zane received a quote to move his belongings to his new house.The estimate from the mover is $675 for 6 hours of packing and 5 hours of moving.Zane thinks he can reduce his cost by doing some of the packing and moving himself.If he does,the cost will decrease to $425 for 4 hours of packing and 3 hours of moving.If the mover charges a set hourly rate for packing and another set hourly rate for moving,what are these hourly rates?

How is a condominium different than a single-family dwelling?

James and Amy have decided to buy a new home that costs $240,000.They want to make a 20% down payment and finance the rest over 30 years.Their bank has offered an opportunity to buy down the quoted interest rate of 3.75% by 0.125% per point purchased.Each point will cost 1% of the amount borrowed.James and Amy were hoping the interest rate was no more than 3.375%.How long will it take for the cost of the points to be recovered by the savings in the monthly mortgage payment?

Garrett and Erin are borrowing $170,000 to purchase a new home.They have been approved for a 30-year loan with an interest rate of 5.75%.What will be their monthly payment?

The square footage and monthly rental of 10 similar one-bedroom apartments yield the linear regression y = 0.704x + 985.83 where x represents the square footage of the apartment and y represents the monthly rental price.Grace can afford $1,700 per month for rent.What size apartment should she be able to rent for that price?