College Costs
What is the average yearly tuition cost range for a 4-year public college in 2025 in Canada?
($10,000-15,000)
What would be a reasonable interest rate for student loans?
0-3%
What is one benefit of renting a home instead of buying?
(No maintenance costs, flexibility, lower up-front cost)
What is a mortgage?
A loan used to purchase a home
What’s one advantage of leasing a car?
Lower monthly payments, no maintenance costs
What is the monthly student loan payment for attending a 4-year college that costs 15,000$ paid over over 4 years?
1250$
If your student loan is $30,000, how much total interest do you pay at 5% over time?
1,500 per year; varies by total repayment plan
What is one long-term benefit of buying a home?
(Building equity/asset ownership)
How do you calculate the principal on a home loan?
Home price minus down payment
What’s the difference between buying used and buying new?
New is more expensive, fewer repairs; used is cheaper, higher maintenance
Name one advantage and one disadvantage of not attending college.
No student debt; Disadvantage: Lower earning potential
If you repay $250/month, how many months will it take to repay a $30,000 loan with $7,500 in interest?
150 months or 12.5 years
How much is a 10% down payment on a $175,000 home?
($17,500)
What is the total cost (principal + interest) of a $245,000 home with 15% down and $210,000 in interest over 30 years?
Total = loan principal + interest = $208,250 + $210,000 = $418,250
What does your credit score affect when buying a car?
Your interest rate on a car loan
If you wanted to save ahead for one year of 4-year college tuition (12,000$ a year), how much would you need to save monthly over 4 years?
(Answer: $250/month)
Which is better in the long run financially: higher salary with loan debt or lower salary without debt?
Convince me
Who pays more over 30 years: someone who rents for $850/month or someone who pays $1,150/month mortgage?
Renter pays less monthly, but does not build equity
What’s the estimated monthly mortgage payment on a 30-year loan of $200,000 at 4%?
$955/month
Elissa puts $4,000 down on a $19,500 car. What’s her loan amount?
15,500
True or False: College students on average have higher paying salaries than non-college educated people
True
What is the total amount repaid on a $30,000 loan at 5% interest over a 12.5-year period with $250 monthly payments?
$37,500
Calculate monthly cost of a $300,000 home with $400 yearly taxes and $50 monthly insurance. Mortgage: $1000/month.
$1,083.33.
What are two fixed monthly costs associated with owning a home besides mortgage?
Insurance and property taxes
Leonard buys a new car for $25,000. Calvin buys used for $8,000 with $3,000/year in maintenance. When will Calvin spend more?
After 6-7 years