Financial Algebra Chapter 7 Independent Living

The length of a room is 18 feet. If the floor plan scale of 1/3 inch = 2 feet, then the length of the room on the floor plan is.....

• 3

• 4.5

• 9

• 6

Jacob has been approved for a $220,000, 30 year mortgage with an APR of 5.55%. What will be his total interest for the 30 years?

• 1256.05

• 611.11

• 1016.50

• 10175,00

Maria is building a regular octagon gazebo. The length of one side is 3 feet, and the apothem is 3.5 feet. What is the area that Gretchen will be refinishing?

• 42 square feet

• 42 feet

• 10.5 square feet

• 5.25 square feet

Tanner owns a condominium where he pays $2700 in maintenance fees. If 17% of his fees go toward real estate tax, how much did he pay in real estate taxes?

• $17

• $459

• $549

• $449

The Brownings have a monthly mortgage payment of $854. They also pay a semi-annual tax bill of $680, and a semi annual insurance bill of $340. The taxes and insurance are paid monthly into an escrow account at the bank. What is their monthly payment?

• $854

• $1024

• $1874

• $930

Ben was approved for a $150,000 mortgage with 10% down payment and an APR of 4.3%. He is closing on May 5 (May has 31 days). How much interest does he pay at closing?

• 15.90

• 413.40

• 223.27

• 548.02

Joey has been approved for a $300,000 15 year mortgage with an APR of 4.5%. How much of their first monthly payment will go to interest?

• 13,500

• 1125.00

• 1594.00

• 984.00

The square footage and monthly rental of 10 similar one-bedroom apartments yield the linear regression y=.704x+985.83 where x represents the square footage of the apartment and y represents the monthly rental price. Grace can afford $1700 per month for rent. What size apartment should she be able to rent for that price?

• 1014.45

• 1549.23

• 2103.21

• 1209,32