Mortgages — Unit test Answers

Which of the following would be a good argument to buy rather than lease?

A trade-in is most closely related to which of the following?

Calculate the monthly lease payment for a 36-month lease on a car with a $29,000 MSRP, a 79% residual value, and a money factor of 0.00365.

Sal and two of his friends rent an apartment together. Their total cost to move in included first month's rent, last month's rent and a security deposit of $1,200. If Sal paid a total of $1,000 to move in, how much is his share of the rent each month?

You have sold your home and would like to travel the European country side. While you are out of the country, you would like the profit that you made on the sale of your home to gain interest while you are away in Europe. You made a profit of $25,000 on the sale of your home, and you invest this amount into an account paying 7.8% interest compounded annually. If you are to withdraw from the account over a 5 year period, such that by the end of the five year period there is zero dollars in the account, how much annually will you be able to withdraw from the account?