Vocab
Rent
The amount of money a tenant pays to a landlord each month.
Carlos earns $18 per hour. What is his annual income if he works full-time?
18 × 2,080 = 37,440
A condo costs $485,000. The lender requires a 10% down payment.
What is the amount of the down payment?
$48,500
Jason earns $3,100 per month. What is the maximum rent he should pay?
$930
Which fruit is technically a berry, but most people don't think of it this way?
a banana
mortgage
a type of loan used to purchase real estate
Maya earns $15 per hour. What is her annual income if she works full-time?
15 × 2,080 = 31,200
A home selling for $910,000 requires 4% down. What is the minimum down payment?
$36,400
Theresa earns $2,540 per month. What is the maximum rent she should pay?
$762
Using our table, determine the total interest paid for a $40,000 loan at a 7.5% interest rate (over 30 years)
$280 x 12 x 30=
$100,800- $40,000=
$60,800
Interest Rate
the percentage charged by a lender to a borrower for the use of money
Alma works 25 hours per week and earns $22 per hour. There are 52 work weeks in a year. What is her annual income?
$28,600
Use the chart from class to caculcate the total amount paid for a 30 year loan of $40,000 at 8.5% interest
$308 x 12= 3,096
3,096 x 30=
$110,880
Liam earns $3,200 per month. What is the maximum rent he should pay?
$960
Use our table to find the total amount paid over 30 years for a $90,000 loan at an 11% interest rate.
$857 x 12 x 30=
$308,520
Down Payment
The initial amount of money a buyer pays upfront
Jamal works 20 hours per week and earns $28 per hour. What is his annual income?
28 × 20 × 52 = 560 × 52 = 29,120
Answer: $29,120
What animal can't jump even though it has legs?
An elephant
What animal always comes in groups, holds hands, and floats?
Sea otters
Using our table, determine the the total interest paid for a $60,000 loan at an 8% interest rate (over 30 years).
440 x 12 x 30= $158,400
$158,400- $60,000=
$98,000
"Renter's Rule"
Lisa works 18 hours per week and earns $35 per hour. What is her annual income?
35 × 18 × 52 = 630 × 52 = 32,760
Answer: $32,760
What do you call a group of flamingos?
A flamboyance
Liam earns $3,200 per month. What is the maximum rent he should pay?
$960
Which country has a law that says you can't own just one guinea pig?
Switzerland