Definitions
Budgeting
What are the two things cash flow takes into consideration?
Who is the main villain from the "Halloween" franchise?
Michael Myers
Name two of the three financial aids received for paying off college expenses
Scholarship, Grant, Loan
A large sum of money borrowed specifically for a house payment is called a ____________
Mortgage
The pay one receives after deductions is called ______ pay.
Net
What is the range of a credit score?
300-850
Where did the tradition of Jack-o-lanterns originate?
Ireland
Usually what is the percent one should use for a down payment?
20%
Electricity and water are different examples of ___________ for housing
Utilities
An expense one makes that stays consistent each time its paid is called a ___________ expense.
Fixed
What is the most influential factor that contributes to a credit score?
BONUS 300: Roughly how much does this factor account for in a credit score?
Credit History (35%)
What's the longest time a chicken has lived without its head?
18 months
What are the three ways we discussed in class about getting a car?
Buying a new car, buying a used car, and leasing
Find the smallest down payment for a house that has a value of $325,000.
$65,000
The trust that shows that one will be able to borrow monetary value and pay it back someday is called _________.
Credit
Make a 50-30-20 budget based on a salary of $45,000 a year. Identify each category along with the value attributed to each.
Needs: $22,500
Wants: $13,500
Savings: $9,000
What was the original name for candy corn?
Chicken Feed
A loan is taken out for $25,000. It has a simple interest rate of 6.25%. If it takes 8 years to pay off, find the total payment.
$37,500
If you have a mortgage for $80,000 with a rate of 8% for 15 years, what is the monthly payment including interest?
$764.80
Something of value that can be given as repayment for a loan is called ____________
Collateral
Name all 5 factors that contribute to a credit score
Payment History, Credit Owed, Length of Credit, New Credit, Mix/Number of Credit
What state produces the most pumpkins in the United States?
Illinois
A car loan is taken out for $8,500. If the loan term is 48 months with a rate of 10.99%, find the first month payment including interest.
$254.93
Find the first 2 months of an amortization schedule for a mortgage of $150,000 with a fixed rate of 9.5% after 15 years.
Month 1: $1187.50, $380, $149,620
Month 2: $1184.49, $383.01, $149,236.99