Financial Algebra Bell-Work Quiz #1 (Q3)

Milena has a gross biweekly income of $2,200. She pays 18% in federal and state taxes, puts aside 10% of her income to pay off her school loan, and puts 5% of her income aside for savings. She is considering an apartment that rents for $1,200 per month. Based on her expenses, can she make the monthly payments?

• Yes, She will have approximately $1994 left over

• Yes, She will have approximately $400 left over

• Yes, but she will have no money left over

• No, the apartment is too expensive for Milena

Use the interval 25%-30% to find the monetary range that is recommended for the monthly rental budget in the following situation:

Mark makes $86,000 per year.

• $21500 to $25800

• $2150.00 to $2508.33

• $1791.67 to $2150.00

• $1433.33 to $1791.67

A rectangular room measures 17 feet by 24 feet. The ceiling is 9 feet high. A gallon of paint costs $31 and it covers 325 square feet on average. What is the cost of painting the room walls with two coats of paint?

• $93

• $124

• $155

• $186

Peter is looking for a home for which he would have to borrow $275,000. If he takes out a 30-year loan with an interest rate of 3.95%, how much interest will he pay?

• $1,304.96

• $194,792.80

• $212,000.00

• $469,792.80

What is an expense you will incur to rent an apartment?

• Closing Costs

• Security Deposit

• Homeowner's Insurance

• Excise Tax