Financial Algebra Chapter 7 Quiz

George makes $30 an hour and works 31 hours a week. He pays 23% of his gross earnings in federal and state taxes and saves 15% of his monthly gross income. He is considering renting an apartment that will cost $900 per month. Is this monthly rental fee within the recommended 25-30% housing expense range?

• True

• False

George makes $30 an hour and works 31 hours a week. He pays 23% of his gross earnings in federal and state taxes and saves 15% of his monthly gross income. He is considering renting an apartment that will cost $900 per month. Based on his expenses, can he make the monthly payments?

• True

• False

A room is 15 by 20 feet with a 9 foot ceiling. How much would it cost to paint all the walls if a gallon of paint cost $23.45 and covers 250 square feet?

• $257.95

• $70.35

• $59.10

• $46.90

Mark makes $16.50 an hour and works 40 hours a week. He pays 27% of his gross earnings in federal and state taxes and saves 5% of his monthly gross income. He is considering renting an apartment that will cost $1,300 per month. Is this monthly rental fee within the recommended 25-30% housing expense range?

• True

• False

Mark makes $16.50 an hour and works 40 hours a week. He pays 27% of his gross earnings in federal and state taxes and saves 5% of his monthly gross income. He is considering renting an apartment that will cost $1,300 per month. Based on his expenses, can he make the monthly payments?

• True

• False

GHT Bank offers 20 year 9.81% interest rate and MPM offers a 30 year 11% rate. Jorgy borrows $280,000. What is the monthly payment of GHT bank?

• 55

• 67

GHT Bank offers 20 year 9.81% interest rate and MPM offers a 30 year 11% rate. Jorgy borrows $280,000. How much interest is paid for the GHT mortgage for the term of the loan?

• 67

• 54

GHT Bank offers 20 year 9.81% interest rate and MPM offers a 30 year 11% rate. Jorgy borrows $280,000. What is the monthly payment of the MPM bank?

• 637

• 38348

GHT Bank offers 20 year 9.81% interest rate and MPM offers a 30 year 11% rate. Jorgy borrows $280,000. How much interest is paid for the MPM mortgage for the term of the loan?

• 65

• 27

GHT Bank offers 20 year 9.81% interest rate and MPM offers a 30 year 11% rate. Jorgy borrows $280,000. How much more interest will you pay MPM bank?

• 57

• 25