Financial Algebra Ch 7 Quiz 2

There are 120,000 shares in Marybeth’s co-op. If Marybeth owns 3% of the cooperative corporation, how many shares does she own?

• 4,800 shares

• 1,200 shares

• 3,600 shares

• 2,400 shares

Natalie just starting renting an apartment for $900 a month. She was told that the rent will increase 5.5% each year. In 5 years her new monthly rent will be $1,098.

• True

• False

How is a condominium different than a single-family dwelling?

• Occupants pay rent to the landlord who owns the property.

• Occupants are investors who own shares in the entire property and not individual units.

• Occupants individually own both the home and the land.

• Occupants jointly own the common parts of the property and individually own their own units.

Apple-Gate apartment complex uses the line graph of an exponential regression equation to model their rent increases over the past 5 years as compared to other complexes in the neighborhood. The Apple-Gate rent increases are more than other complexes in the area; therefore the slope of their graph should be steeper.

• True

• False

If the angle of elevation for a tree is 52° when measured 25 ft from the base, approximately how tall is the tree?

• 32 ft

• 24 ft

• 20 ft

• 15 ft

A grocery store is installing a new wheelchair ramp with a base of 30 ft. How tall can it be in order to have a slope ≤ 1/12 and conform to ADA standards?

• 0.4 ft

• 2.5 ft

• 12 ft

• 1.5 ft

Brad and Victoria are trying to decide if they should purchase mortgage discount points as part of their mortgage. Without the points, the monthly payments are $2,547 and $2,500 if they purchase the points at a cost of $6,500. If they purchase the points, how long until Brad and Victoria break even?

• 11.5 years

• 2.6 years

• 8.2 years

• 17.1 years

Jonathan is purchasing a home for $475,000. If he is planning to make a 20% down payment, how large of a mortgage should he apply for?

• $95,000

• $23,750

• $380,000

• $460,000

Nancy is buying a house and made a list of her expenses: mortgage payments, utilities, closing costs, prepaid interest, origination fee, and insurance payments. Which payments are non-recurring costs? Select all that apply.

• Mortgage payments

• Tax payments

• Prepaid interest

• Origination fees

• Insurance payments

The sides of the roof in the picture have a slope greater than 1.

• True

• False