hw5

QUESTION 1
 First calculate your monthly takehome pay. Next, add up the budgeted monthly expenses shown above. How much remains for a monthly mortgage PITI payment (PITI = principal, interest, taxes, insurance)?
$1,622,67  
$2,916.67  
$747.67  
$2,041.67 
1 points
QUESTION 2
 Assume that taxes and insurance (T&I) amount to $70 per month. How much remains to pay monthly mortgage principal and interest (P&I)? (Hint: Use your answer from the previous question)
$1,552.67  
$795.67  
$677.67  
$1,971.67 
1 points
QUESTION 3
 Using the answer to the above question calculate the size of the mortgage loan you could obtain. Assume a 30year loan at 7 percent annual interest.
$101,858.93 mortgage  
$112,380.46  
$119,494.52  
$131,497.99 
1 points
QUESTION 4
 Using the answer from the above question, and assuming you have 10 percent of the purchase price, what is the most you could pay for a home?
$126,666,67  
$134,444.44  
$113,176.59  
$101,858.93 
1 points
QUESTION 5
1. Assuming you do not pay the mortgage off early, how much interest will you pay the lender over the life of the 30 year loan if you payment is $677.67 per month and the mortgage loan was for $107,460?
$136,501.20  
$134,587.94  
$125,682.57  
$140,520.60 
1 points
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hw4
QUESTION 1 1. What will be the monthly mortgage payment?
1 points QUESTION 2 1. Assuming you do not pay the loan off early, how much total interest will you pay the lender?
1 points QUESTION 3 1. If you decide to amortize the loan over 15 year, what will be your monthly payment?
1 points QUESTION 4 1. Assume you select a 15year mortgage with an interest rate of 7.5 percent. What will your monthly payment be? (mortgage loan is still $150,000)
1 points QUESTION 5 1. Assume you select a 15year mortgage with an interest rate of 7.5 percent. How much total interest will you pay to the lender? (mortgage loan is still $150,000)
1 points 

hw3
QUESTION 1
1. If you purchased automobile liablilty coverage of 75/200/30, describe what each number means.
1 points 
QUESTION 2
1. Assume you own a 1996 Chevrolet Impala which has a book value of $800. The total annual premium for your auto insurance policy is $789. The annual cost for collision coverage is $284 with a $500 deductible. Liability coverage of 100/300/50 costs you $325 per year. what is the annual cost per $1,000 of coverage for collision insurance? What is the annual cost per $1,000 of coverage for liability insurance?
a.  $568 is the collision cost per $1,000
$0.93 is the liability cost per $1,000 

b.  $284 is the collision cost per $1,000
$325 is the liability cost per $1,000 

c.  $3 is the collision cost per $1,000
$1 is the liability cost per $1,000 

d.  $946.67 is the collision cost per $1,000
$0.93 is the liability cost per $1,000 
2 points
QUESTION 3
1. Assume you have an accident in which your 1996 Impala is totally destroyed, but you are not hurt. ACME Insurance Co. (your insurance company) wrties you a check for the car. What is the dollar amount of the check?
a.  $1,000  
b.  $800  
c.  $500  
d.  $300 
1 points
QUESTION 4
1. Assume you have a home which would cost $120,000 to replace. You currently have the home insured for $85,000. Last night a tornado damaged your home, causing an estimated $25,000 in damage. How much will your insurance company pay for repairing the damage to your home?

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