QT2 Quiz 1 Lesson 7.1 - 7.3 Finding a Place to Live.

1.    The act by a lending institution of taking possession of a home when the homeowner cannot pay the mortgage.

• real estate tax

• assessed value

• escrow

• foreclose

Tags

CCSS.RI.11-12.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

CCSS.RI.9-10.5

2.    A ratio of monthly expenses to monthly gross income; offers a realistic view as to where a person stands financially with the amount of debt presently being carried. It has a threshold of 36%.

• debt-to-income ratio

• front-end ratio

• back-end ratio

• ratio and proportion

Tags

CCSS.6.RP.A.3B

3.    A drawing of the layout and the dimensions of rooms.

• floor plan

• house sketch

• apothem

• perimeter

Tags

CCSS.HSG.CO.A.4

4.    Diagrams that are drawn in the same proportion as the actual home.

• single

• scale

• venn diagram

• dilation

Tags

CCSS.7.G.A.1

5.  The amount of space inside a two-dimensional region, such as a floor. It is measured in square units. And also refers to the living space in a property..

• perimeter

• area

• volume

• apothem

6.  A written agreement between the landlord and a tenant that details the amount of rent, the length of time the apartment is to be rented, and the rules and regulations that must be followed by the tenant and the landlord.

• security deposit

• evict

• lease

• tenant

Tags

CCSS.RI.11-12.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

CCSS.RI.9-10.5

7.  It’s a threshold percent of monthly gross income to determine whether one can afford to rent.

• 25% - 30%

• 28% - 35%

• 15% – 24%

• 30% - 40%

Tags

CCSS.7.EE.A.2

CCSS.HSA.SSE.A.2

The Smiths took out a $180,000, 30-year mortgage at an APR of 5.4%. What will be the monthly payment for this loan?_______________? What will be their total interest charges after 30 years? ____________ (Type your answer. Use and to separate the two answers.)

(a)  

9. Jill and Jack Robles are considering buying a house and need to figure out what they can afford and what a bank will lend them. Their adjusted gross income is $186,898. Their monthly mortgage payment for the house they want would be $1,544. Their annual property taxes would be $4,898, and the homeowner’s insurance premium would cost them $1,217 per year. They have a $610 per month car loan, and their average monthly credit card bill is $4,700. Would the bank lend them $220,000 to purchase their house? (Threshold to be approved is 36%  (a)   )

The length of a room is 24 feet, when using a ¼ inch = 1 foot scale, what is the length of the room on a floor plan? (a)  

Tags

CCSS.7.G.A.1