hw5 Description Use the information below to answer the questions. Instructions You have just graduated from ACME State with a degree in Diesel Technology. Your new job takes you to Toledo, Ohio. You are now earning $35,000 per year. Your take home pya is 70% of that gross toal. You are anxious to purchase a home. You have the following monthly expenses: Food $275 Utilities $145 Phone $75 Medical $30 Insurance $130 (including auto, health and life) Clothing $70 Student loan payment $145 VISA payment $65 MasterCard Payment $48 Car payment $211 Miscellaneous $100 Total $_______ Multiple Attempts This test allows 3 attempts. This is attempt number 1. Force Completion This test can be saved and resumed later. QUESTION 1 First calculate your monthly take-home 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 30-year 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 Click Save and Submit to save and submit. Click Save All Answers to save all answers. hw4 Description Use the following information to answer all of the questions. Instructions Scenario: Mortgage Loan = $150,000 Loan length = 30 years Interest rate = 6% annually Multiple Attempts This test allows 3 attempts. This is attempt number 1. Force Completion This test can be saved and resumed later. QUESTION 1 1. What will be the monthly mortgage payment? $899.33 $857.23 $908.17 $895.46 1 points QUESTION 2 1. Assuming you do not pay the loan off early, how much total interest will you pay the lender? $176,880.48 $158,520.21 $173,758.80 $172,200.66 1 points QUESTION 3 1. If you decide to amortize the loan over 15 year, what will be your monthly payment? $1,214.42 $1,287.38 $1,265.79 $1,259.85 1 points QUESTION 4 1. Assume you select a 15-year mortgage with an interest rate of 7.5 percent. What will your monthly payment be? (mortgage loan is still $150,000) $1,416 $1,391 $1,382 $1,317 1 points QUESTION 5 1. Assume you select a 15-year 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) $98,760.300 $100,380.00 $87,060.92 $104,880.28 1 points hw3 QUESTION 1 1. If you purchased automobile liablilty coverage of 75/200/30, describe what each number means. a. $75,000 liability coverage for property damage $200,000 liability coverage per accident for bodily injury $30,000 liability coverage per person for bodily injury b. $75,000 liability coverage per person for bodily injury $200,000 liability coverage per accident for bodily injury $30,000 liability coverage for property damage c. $750 liability coverage per person for bodily injury $2,000 liability coverage per accident for bodily injury $300 liability coverage for property damage d. $750 liability coverage for property damage $2,000 liability coverage per accident for bodily injury $300 liability coverage per person for bodily injury 1 points QUESTION 2 1. Assume you own a 1996 Chevrolet Impala which has a …
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