Seniors Rock at Jeopardy!

Renting a Home

100

Someone who rents a home is called this, which rhymes with "center".

What is a RENTER?

200

This is the word for the contract you will need to sign to rent your apartment.

What is a LEASE?

300

The renter's rule states that you should spend no more than one week's income for a month's rent on a house or apartment. There are 4.3 weeks in each month. 

What is the maximum amount that Superman should spend on rent per month for an apartment, if Clark Kent, Superman's alter-ego, works as a reporter for the Daily Planet, and earns $4200 per month?

What is $976.74?

How to get that: 

$4200 per month / 4.3 weeks = $976.74418...

then round to the nearest cent (2 decimal places).

400

Clark Kent has now been renting a basement apartment. He wants to move to a top floor penthouse apartment, so that when he takes off out of his bedroom window as Superman, he does not have to deal with street traffic and pedestrians on the sidewalk.

The penthouse apartment rent is $1200 per month. According to the renter's rule, HOW MUCH DOES CLARK KENT NEED TO MAKE PER MONTH in order to afford this penthouse apartment and meet Superman's desires?

What is $5160 per month?

To get that answer: 

$1200 = 1 week's pay

There are 4.3 weeks in a month.

Formula:  

1 wk's pay x # weeks in a month = Monthly income

$1200 x 4.3 = $5160

500

Lois Lane wants Superman to move to a house with a yard so that he can take off and land in the backyard without disturbing his neighbors. Landing on the roof of his apartment building has made the apartment building shake too much.

Clark Kent makes $5160 per month. Rent on the house is $1500 per month. He realizes that he does not make enough money to afford to rent this house.

How much more money does he need to make each month in order to afford the house?

Remember that there are 4.3 weeks per month.  

What is $1290 more per month?

To get this answer: 

$1500 monthly rent x 4.3 wks/mo = $6450, what he needs to make per month to pay $1500 rent on the house.

(What he needs to make per month) - (What he currently makes per month)  = How much more he needs to make per month

$6450 - $5160 = $1290

He needs to make $1290 more per month.

Buying a Home

100

When buying a home, lenders require a certain percentage of the price of the house to be paid in cash at the time of purchase. 

That amount is called what? 

I hope you are down with this!

What is the DOWN PAYMENT?

200

After paying the down payment, the remainder of the cost of the house is borrowed, or financed. 

This financed loan on property is called the what?

What is the MORTGAGE?

300

The BANKER'S RULE states that you may borrow up to 2.5 times your annual (yearly) income to buy a home. 

Goku, Earth's greatest defender, and the informal leader of the Dragon Team, wants to buy a home with a barn, and use the barn in which his team can work out and practice their skills. 

How much can Goku borrow from the Anime Trust & Finance Bank if his income is $52,500 per year?

What is $131,250?

How to get this answer:

$52,500 x 2.5 = $131,250

400

Asuna earns minimum wage ($8.15 per hour) at her job making swords for Anime superheroes. She works 40 hours per week at her full-time job. Since she is saving up to buy a house, she does not want to take any weeks off from work for vacation, and she works 52 weeks each year. 

How much money may she borrow from the bank for a home mortgage?

Hint: Use multiplication to compute the steps of this multi-step problem.

Find the annual income.

Multiply the annual income by the amount from the Bankers Rule to get the amount that can be borrowed.

What is $42,380?

How to get the answer:

Annual Income = $8.15 x 40 hrs/wk x 52 wks = $16,952

Banker's Rule: Annual income x 2.5 = Amount a person may borrow for the mortgage

$16.952 x 2.5 = $42,380

500

Naruto is in contract negotiations for his new anime series. He currently makes $85,720 annually. Additionally, he has found a house that he wants to buy. The house has pool! He knows that he wants to borrow $275,000 to purchase this house. 

What should his annual income be in order to qualify for a mortgage of $275,000?

What is $110,000?

$110,000: New annual income needed to qualify for the mortgage

How to get the answer: 

Amount of the mortgage divided by 2.5.

$275,000 / 2.5 = $110,000

Down Payment

100

Jordan has been working for Animax in Tokyo, Japan for the past ten years. He is moving back to the U.S. and plans to buy a condominium in Columbus, Ohio. The condo he would like to purchase costs $157,500. He is required to put a 15% down payment on the new home. 

Find the dollar amount of the down payment he is required to pay at the time he purchases the condo.

What is $23,625?

How to find the answer:

$157,500 x 15%  or $157,500 x .15

200

Over the past 10 years, Kazan has been working as a graphic designer in Burbank, California for Disney Studios. He completed Disney's intern program after college and then was hired by Disney.  He has been doing a great job saving money, and whenever he gets his annual bonus, he saves the money. He plans to purchase a condominium in a complex that has a pool and is located in Hollywood Hills.

Kazan found a 1 bedroom condo for $167,300. Disney has its own bank and they will finance his mortgage. Kazan's rate is 20%. How much is his down payment?

What is $33,460?

How to get this answer:

$167,300 x 20%  or  $167,300 x .20

300

Jordan was able to negotiate the purchase price of the condo and reduce the sale price to $150,000. He pays the 15% down payment, and finances the rest. Calculate the amount of the mortgage.

To note: This is a 2-step process. It involves both multiplication and subtraction, but not necessarily in that order, depending how you do the problem!

What is $123,000? 

How to find the answer:

Calculate the percent he has to pay after paying the down payment.

100% - 15% = 85%

Multiply the price of the house by 85% to get the amount of the mortgage:

$150,000 x 85% = $127,500

400

Kazan was able to negotiate the purchase price of the condo and reduce the sale price to $165,300. He pays the 20% down payment, and finances the rest. Calculate the amount of the mortgage.

What is $132,240? 

How to get the answer:

100% - 20% = 80% (the percent of the price he must pay after the down payment)

80% x $165,300 = 132,240

500

Jordan and Kazan decide to become partners and start their own company, JorKaz Enterprises. This requires Jordan to move to California. They decide to rent out their condominiums to tenants, and buy a house together. They end up buying Clark Kent’s house. Kent, aka Superman, is moving to a ranch in Wyoming.

After negotiations, the cost of the house is $325,292, and requires a 15% down payment. They are splitting the down payment (equally).

Determine how much each young man must contribute to pay the down payment.

What is $24,396.90? 

How to get the answer:

($325,292 x 15%) / 2 =$24,396.90

Home Improvements

100

Now that Clark Kent has bought a house, he would like to put a new fence around the entire property. He lives on a rectangular lot 225 feet long and 90 feet wide. 

How many feet of fencing does he need to surround the lot?

(Is this an AREA problem or a PERIMETER problem?)

A = l x w

P = 2(l + w)

What is 630 feet?

How to calculate the answer:

Perimeter = 2 (l + w)

P = 2 (225' +90')

P = 630'

200

Clark Kent would like to move into his house, but first he would like to lay tile in the kitchen. The dimensions of the kitchen floor are 16' by 12'. Clark has found beautiful Italian tile at Lowes. Each tile covers 1 square foot. 

He and Lois have an argument. Clark says he needs 56 tiles, since the perimeter of the room is 56'. Lois said that he will be short on tiles if he continues to think this way. 

Given that P = 2(L + W) and A = L x W, 

the saleswoman at Lowes chooses the correct formula and states that Clark that needs ______, the correct number tiles. 

What are 192 tiles?

How to get the correct number of tiles:

Area = Length x Width

Area = 16 x 12

300

Superman really needs to improve his landing skills. He keeps destroying the grass as he skids to a stop when he lands in his yard. Rather than reseed the lawn, which is basically trashed, he decides to buy new sod for the lawn.

The property, including the house, measures 225' x 90'.

The house measures 60' x 40'. 

Calculate the area of the property, and the area of the house. 

Then determine how much sod he needs for the lawn (which is the property minus the house). 

What is 17,850 square feet of sod?

How to solve this problem:

(Area of Property) - (Area of House) 
(225 x 90) - (60 x 40)

400

Superman needs a workout room at the new house. There's no basement, and with all the extra room on the property, Clark decides to add a room to the existing home. The new 18' by 15' room will cost an average of $90 per square foot. 

Compute to total cost of the job by finding the area and multiplying the area by the cost per square foot. 

Don't forget your formula for AREA!

What is $24,300?

How to compute the answer:

A = L x W

A = 18 x 15 = 270 sq ft

Area x Price per sq ft

270 x $90 = $24,300

500

Superman, with his x-ray vision, realizes that the carpet in the living room has a stain on it which is barely visible. His living room is 7 yds by 7 yds. 

He finds carpet on sale for $14.99 per square yard. The regular price is $25.99 per square yard. 

Calculate the total savings by purchasing the carpet on sale. 

Hints: 

1) How many square yards does he need for his room? 

2) How much will that amount of carpet cost at each of the prices listed? 

3) What is the difference in cost?

What is ?

How to get the answer:

Amount of carpet needed: 

Area = L x W = 7 x 7 = 49 square yards

49 square yards of carpet at $25.99/sq yd:

49 x 25.99 =$1273.51

49 square yards of carpet at $14.99/sq yd:

49 x 14.99 = $734.51

Subtract: 

1273.51 - 734.51 = $539.00 savings by buying it on sale.

Purchases for Your Home

100

Jordan and Kazan are ready to move into their new house, but they need some furniture. They find a kitchen table for $60 and 4 chairs $25 each at a garage sale. 

Calculate the cost of the kitchen set. 

What is $160?

How to get the answer: 

$60 + 4($25) = $160

200

Calculate how much the tax is on a couch that Kazan buys at Goodwill for $87.99, if the tax rate is 8.25%. Round to the nearest cent. 

What is $7.26?

How to get this answer:

87.99 x 8.25%  or  87.99 x .0825, then round up.

300

Jordan purchases several kitchen items at Target. He buys 1 pot, 1 pan, 4 plates, 4 glasses, a bag of cooking utensils, and a 4-pack of eating utensils. 

The individual items are marked as follows: Pot: $5 ... Pan: $6 ... Plate: $4 ... Glass: $1 ... Bag of Cooking Utensils: $3 ... 4-Pack of Eating Utensils: $8.

Calculate the total cost of Jordan's purchases. 

What is $42?

How to figure it out: 

5 + 6 + 4(4) + 4(1) + 3 + 8 

400

Jordan and Kazan find towels on sale at J.C. Penney's. The sheets are buy 1 at regular price and get the second one at 50% off. 

The regular price of the towels is $7.00.

They buy 2 towels. 

Determine if a $10 bill will be enough to cover the purchase. 

What is, no, a $10 bill will not cover the price of the towels?

How to calculate the price of the towels:

1/2 = .5

7 + .5(7) = 7 + 3.5 = 10.50

500

DAILY DOUBLE! Get this correct and you can earn up to $1000: 

Calculate the average size of a room in a 2000 square foot house that has:

4 bedrooms, 2 bathrooms, a living room, a kitchen, a family room, and a dining room.

Hint: How many rooms? Then think DIVISION!

What is 200 square feet?

How to get this answer:

10 rooms total

2000 / 10 = 200