Renting a House
A person can afford to spend ___________ worth of income on monthly rent
one week
A person can spend __________ times their annual salary when buying a house
2.5
What would a 5% down payment be on a loan of 65,000?
$3,250
Give three examples of bills you might pay when owning or renting a house.
Electric, cable, internet, phone, water, trash
What is a landlord?
The person who owns and rents a house or property
If a person has a monthly income of $1,850, how much can they afford on one month of rent?
$430.23
If a person has an annual salary of 44,550, how much can they afford to spend on a house?
$111,375
What would a 3.5% down payment be on a loan of $99,258?
$3474.03
Give two examples of what homeowner's insurance covers.
Storms, burglaries, fire, smoke, flood
What is a mortgage?
a property loan
If a person makes $16.50 hourly, how much can they afford on one month of rent?
$660
If a person has an annual salary of $35,758, can they afford to buy a house that costs $95,900?
No
If a person wants to buy a house for $65,478 and their down payment is $555.90, how much will they need to borrow?
$64,922.10
Using the Ameren bill in your study guide, tell the following:
Amount due
Due date
1 way to pay it
$115.14
10/14/2014
Mail, online
What is a term?
the period or time, or number of years, you take the loan out for
If a person has an annual income of $24,577, how much can they afford on one month of rent?
$476.30
If a person has a monthly income of $1,990, how much should they spend on a house?
$59,700
If a person is buying a house for $87,650 and they have to make a 5% down payment, how much will their mortgage (or loan) be?
$83,267.50
For a person living in a brick home in Area A, find the annual payment for their house that is valued at $75,000.
(Use Chart B)
$270
What is interest?
a payment charged to the person borrowing the money
(what the bank makes you pay back after you borrow money from them--this is how they make money)
How much should a person make hourly if they want to rent a house for $890?
$22.25
If a person gets paid semi-monthly $1,567, how much should they spend on a house?
$94,020
What is the monthly payment on a loan of $75,000 at a 12.50% interest rate for 25 years?
(Use Chart A)
$818.25
For a person living in a wood frame home in Area C, find the annual payment for their house that is valued at $150,000.
(Use Chart B)
$666
What is a down payment?
A percentage of the price or amount paid before you borrow money