Mortgages and Home Ownership — Unit test Answers

Borrowers taking a balloon payment mortgage most likely

The image shows a sales receipt.

Yasmine plans to attend a four-year public university. She expects she will need to contribute $9,000 annually to her education. Which savings plan will help Yasmine save enough money to pay for one year of school, regardless of whether or not interest is earned on her savings?

The charts show the effect of an interest rate adjustment on an adjustable-rate mortgage.The change in interest rate shown in the charts resulted in

Interest on an investment is considered

Which describes a type of tax that people pay on money they earn?

Which factors positively affect lifetime income? Check all that apply.

When the economy grows, the market grows, most likely because

Richard’s annual college expenses are expected to total $17,745. He will receive $5,320 in grants. How much will Richard need to contribute to his annual college expenses?

A mortgage is a legal agreement between a borrower and a

This year, the annual tuition at a public four-year university is $5,290. Next year when Jarrod attends his first year, the tuition is expected to increase 4.5%. Jarrod has 1 year to save the amount of money equal to the tuition for his first year. What is the approximate minimum amount Jarrod should save monthly?