Financial Math Fall Final Unit 2 Calculations Review

Front

What is the total move-in cost for an apartment if the application fee is $25, the security deposit is $300, and the first and last month’s rent is $650 each?

Back

Total Move-in Cost = Application Fee + Security Deposit + First Month's Rent + Last Month's Rent = $25 + $300 + $650 + $650 = $1,625.

Front

How much does Kirito pay in health insurance premiums each year if he pays half of his $500 monthly premium and Asuna’s entire $600 monthly premium?

Back

Total Yearly Premium = (0.5 * $500 + $600) * 12 = ($250 + $600) * 12 = $10,200.

Front

If the total rent for a house is $1,980 and there are four people sharing it, how much does each person pay?

Back

Each Person's Portion = Total Rent / Number of People = $1,980 / 4 = $495.

Front

What is Sam's down payment on a car that costs $4,000 if he puts down 15%?

Back

Down Payment = 15% of $4,000 = 0.15 * $4,000 = $600.

Front

If Speed Racer buys a car for $76,000 and puts a 20% down payment, how much will he have to finance?

Back

Amount to Finance = Total Cost - Down Payment = $76,000 - (20% of $76,000) = $76,000 - $15,200 = $60,800.

Front

Define 'application fee' in the context of renting an apartment.

Back

An application fee is a non-refundable charge that a prospective tenant pays to a landlord or property management company to process their rental application.

Front

What is a 'security deposit' and why is it required?

Back

A security deposit is a sum of money paid by a tenant to a landlord to cover potential damages or unpaid rent, typically refundable at the end of the lease if no issues arise.

Front

Explain the concept of 'monthly premium' in health insurance.

Back

A monthly premium is the amount paid each month for health insurance coverage, which can vary based on the plan and the insured individual's circumstances.

Front

What does it mean to 'finance' a car purchase?

Back

To finance a car purchase means to borrow money to buy the car, which is then paid back over time, usually with interest.

Front

How do you calculate the percentage of a total amount?

Back

Percentage = (Part / Total) * 100.