Loan Amortization and Budgeting Concepts

If your monthly rent is $1600, what will you pay up front to move into an apartment with an application fee of 2.5% of one month's rent, $25 credit application fee, and a security deposit of 2 month's rent?

• $3,265

• $3,625

• $3,600

• $3,650

Movelt Movers charges $72 per hour for loading and unloading services and $65 per hour for unpacking and packing services. Their charge is $2.75 per mile for truck rental. Tax is 8.25%. What is the total charge for 200 miles and 9 hours of loading/unloading and 7 hours of packing/unpacking?

• $1,789.37

• $1,950

• $2,100

• $2,250

You make $14.50 per hour and work 34 hours a week. You are considering an apartment that costs $700 a month. Is this apartment within the recommended 25%-30% budget? What is the max you should spend?

• Yes, the max is $840.

• No, the max is $640.90.

• Only if utilities are included

• No, the max is $519.27

• Yes, the max is $720.

You have a biweekly income of $2,200. You are considering an apartment that rents for $1,200 per month. Is this apartment within the recommended 25%-30% budget?

• Yes

• No

• Only if utilities are included

• Only if rent is reduced

What would the monthly payment be from MAX?

• $500

• $527.01

• $550.95

• $575

What would the total interest be from MAX?

• $50,000

• $189,723.60

• $64,723.60

• $65,000

What would the monthly payment be from Regions?

• $700.01

• $720

• $724.95

• $760

What would the total interest be from Regions?

• $173,988

• $48,988

• $50,988

• $55,000

Which bank has the lowest interest and by how much?

• MAX by $64,723

• Regions by $15,735.60

• MAX by $15,735.60

• Regions by $48,988

What is the difference in the monthly payments?

• $197.94

• $213

• $227

• $240