front 1 This type of mortgage allows homeowners who are 62 or older to borrow from their home's equity? | back 1 Revese mortage |
front 2 If you don’t put 20% as a down payment on a home purchase, the lender will require you to carry _____ to protect themselves financially. | back 2 private mortage inssurance |
front 3 If you buy a new car for $40,000 and it depreciates 25% the first year and 17.5% the second year, what is your car worth at the end of the second year? | back 3 24,750 |
front 4 How much does a new car depreciate in the first year? | back 4 %25 |
front 5 The primary advantage of this loan is that borrowers can receive 100% financing for the purchase of a home. | back 5 VA loan |
front 6 If Jill's income is $6,000/mo and she currently has $800/mo in other debt payments, how much monthly payment towards a home loan would the bank likely be willing to issue as a mortgage for a home purchase? | back 6 136,000 |
front 7 What is true about a variable interest rate mortgage? | back 7 The interest rate varies during the length of the loan Can also be called an ARM (Adjustable Rate Mortgage) |
front 8 What is it called when a business prices an item below cost to get consumers in the store to buy other items? | back 8 Loose leader |
front 9 It is often better to rent instead of buying a home when you only plan living there for? | back 9 3 years or less |
front 10 How much should you spend on a car? | back 10 Less than 15-20% of your paycheck |
front 11 The majority of Americans purchase their home with a ___ year mortgage. | back 11 30 |
front 12 Karina was thinking about buying a new car and asked you what the biggest cost would be? Since you aced finance class, you tell her the biggest cost is? | back 12 Depreciation |
front 13 Camden is looking at buying a condo downtown but does not want to pay PMI (Private Mortgage Insurance). How much of a down payment does Camden need so he does not need to pay PMI? | back 13 %20 |
front 14 Your home mortgage payment typically includes all of the following except… | back 14 Sales tax |
front 15 When buying a new car, you typically have higher | back 15 Depreciation |
front 16 What type of vehicle would typically have higher repair costs on a yearly basis? | back 16 Use car |