Houses
Is it financially better in the long run to buy or rent a house?
Buy
Which of the following would be considered a financial advantage of renting a house or apartment?
a. Renters do not build equity on the housing they rent.
b. Renters receive no federal income tax benefits.
c. Renters do not have the maintenance costs associated with home ownership.
C.
A new car bought for $18,254 is estimated to have a value of $13,670 after 2 years. What is the car’s total depreciation after 2 years?
$4584
The money you pay to the government based on the value of the property you own is called ____
Property Taxes
Which of the following one-time payments are renters typically required to pay in addition to their first month’s rent when they sign a lease
Lease Tax
Renters insurance
Security Deposit
Security deposit
Which basic homeowner’s insurance category covers the extra costs of living incurred when your home is unavailable due to damage?
a. dwelling
b. additional living expense
c. personal liability
B
Which of the following is typically NOT associated with leasing a car?
a.residual value b. trade-in value c. down payment
B
What is a morgtage?
The amount of money borrowed to purchase a home
Gary is buying a home for $165,000 with a 10% down payment and will borrow the balance for 30 years at 7.75%. His monthly mortgage payment will be $878.55. What is the total amount of interest he will pay over 30 years?
$316,278
______________________ is the loss in value of property caused by aging and use.
Depreciation
A $42,400 Sedan is estimated to have a value of $27,200 after 5 years. What is the Sedan's estimated average annual depreciation?
$3040
____________ is basically renting a car for a period of time based on certain stipulations.
Lease
The property tax rate in a Ogden is 42 mills per $1. Find the tax to be paid on property with an assessed value of $97,000.
$4074
Bill is required to make a 20% down payment on a home that costs $118,000 in order to buy it.
What amount will Bill have to borrow to purchase the home?
$94,400
A new car originally sold for $24,500. Four years later it is sold for $8,930. What was the car’s rate of depreciation, to the nearest tenth percent?
15.9%
The money paid to an insurance company for property insurance is the ____
Premium
The Mccarthy's plan to buy a home for $155,000 with a 15% down payment. The closing costs will be as follows: inspections, $525; legal fees, $1,295; title insurance, $190; miscellaneous fees, $345. How much cash will be due at signing? How much money will the Mccarthy's have to borrow?
$25,605
The Twin Falls School district’s budgeted expenses is $8,240,000. Of that total $1,970,000 will come from other sources. The total assessed value of the property in Twin Falls County is $8,500,000. What is the decimal tax rate needed to cover the budgeted expenses? Round your answer 5 decimal places.
.73765
Janet bought a used car for $10,000. She paid for the car with an $300 down payment and 48 monthly payments of $345.68. What total amount did Janet pay for the car? What was the finance charge on the loan?
$16,892.64 total
$16,592.64 Finance Charge
A home’s estimate worth used for tax purposes is called ________
Assessed Value