
Buying vs Renting
Authored by Mr. BOLSTON
Business
11th Grade - University
CCSS covered
Used 4+ times

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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
which of the following is an advantage of renting a home?
Individuals can rent a home with a smaller financial commitment than if you were to buy a home.
It is easy to move or change homes if you don’t like the first home.
There is less maintenance associated with renting a home.
Individuals can rent a home with a smaller financial commitment than if you were to buy a home, It is easy to move or change homes if you don’t like the first home, and There is less maintenance associated with renting a home.
Individuals can rent a home with a larger financial commitment than if you were to buy a home and There is less maintenance associated with renting a home.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
all of the following is a disadvantage of buying a home, except:
It can be difficult to find a buyer that can qualify for a loan to buy your home.
The cost of buying a home is greater than the cost of renting a home.
It can be hard to maintain ownership of the home.
It can be difficult to find a buyer that will pay what your home is worth.
It can be hard to move if you buy a home because you must sell the home to someone else.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
the decision to rent or buy a home is an important decision that can affect not only your ________________, but also your _________________.
Bank account; mental health
Happiness; debt
Family; friends
Financial decisions; quality of life
Credit rating; shopping habits
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Paisley has an annual income of $54,600 and has additional debt of $350. Her estimated monthly property taxes and homeowners insurance is equal to $390. What is Paisley’s affordable monthly mortgage payment?
Formula: 38% of Monthly Gross Income minus (other debt + Taxes and Insurance)
$989.00
$761.50
$390.00
$350.00
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Mason is applying for a 30-year mortgage with a 5.37% interest rate. Mason has an annual income of $50,000 and has no additional debt. His estimated monthly property taxes and homeowners insurance is equal to $430. What is Mason’s affordable mortgage amount?
Formula:
step 1. 33% x Monthly Gross Income minus (other debt + taxes and insurance)
step 2. (Answer/Interest rate) x 1,000
$3,458,100.56
$432,029.80
$214,773.67
$198,632.48
$175,977.65
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Aubrie is going to make a 22% down payment on her house. If her affordable mortgage amount is $212,476.35, what is Aubrie’s affordable home purchase price?
Formula: Affordable mortgage amount/ (1 - down payment)
$760,782.12
$553,884.36
$275,350.86
$272,405.58
$225,612.37
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
all of the following are seller estimated costs, except:
Recording fees or transfer taxes
Title insurance
Appraisal fee
Property survey
Attorney’s fee
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