Mortgages and Home Ownership — Unit test Answers

Read the scenario.Jay and Laura have been dreaming of purchasing their first home together. They've been diligently saving and have managed to accumulate a significant sum for a down payment.How does their decision to make a larger down payment benefit their financial situation as they purchase a home?

A way to build good credit is

The table shows a schedule of Inga’s payment plan for a car. Inga’s Payment Plan for the First 3 YearsYearBalanceMonthly PaymentEnd of YearBalance1$19,691.28$273.49$16,409.402$16,409.40$273.49$13,127.523$13,127.52$273.49$9,845.64 How many more years will it take Inga to pay off the loan?

Which is a desirable characteristic to look for when choosing a credit card?

An adjustable-rate mortgage is one that

What best explains the relationship between a borrower’s credit score and a down payment requirement?

The graph shows the average price of homes in the United States from 2009 to 2014.

Borrowers choosing an adjustable-rate mortgage

Devonte is balancing his checking account. His account statement does not include a deposit of $107.00 that he made on November 1st. What is Devonte’s actual account balance?

The type of credit people are most likely to use for small purchases during their lifetime is

The table shows a schedule of Mr. Kirov’s plan for paying off his credit card balance.Mr. Kirov’s Payment Plan BalancePaymentNew Balance RateInterest$800.00$100$700.000.012$8.40$708.40$100$608.400.012$7.30$615.70$100$515.700.012$6.19If Mr. Kirov continues to make monthly payments of $100 and does not make any new purchases, how many more payments will he need to make before the balance is 0?

Which best describes a way people can use personal loans?

The simple interest on a loan of $200 at 10 percent interest per year is

An example of secured credit is a

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The chart shows the costs associated with the purchase of a new home.

Natasha has $1000 to open a checking account. She can maintain a monthly balance of $600. She also has a savings account at the same bank. Her employer offers direct deposit and she plans to use online bill paying. She writes about eight checks per month. She currently uses the ATM machines at several different banks. Natasha sometimes overdraws her account. Bank Account Terms and ConditionsNatasha wants an account with the lowest fees. Which checking account would be best for Natasha?

Which bank has the highest possible overdraft fee? Bank Account Terms and Conditions