10.05 Semester Test: Consumer Math/ 50
Quizzes with Certified Solutions.
Alice makes $20,504 annually.
What is the maximum monthly rent that she can afford to pay? - Answer: $478
Which two-bedroom will cost the most to rent monthly?
Assume that electric is $50 and gas is $69. - Answer: Downtown Apts
How much would you pay in move-in costs for the two-bedroom Hometown Apartment if you pay first
and last month's rent, a $185 security deposit, and a 30 percent fee to the rental agent?
Round to the nearest dollar. - Answer: $1,370
Erica makes $4,840 monthly.
What is the maximum loan she can take out on a house? - Answer: $116,160
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, Larry has saved $18,500 toward a down payment on a house.
If he makes $3,890 a month, how much can he afford to spend on a house? - Answer: $111,860
Use this formula to find the value of a house with appreciation:
A=V(1+r)^Y
When Henry bought his house for $135,700, he was told that it would appreciate at a rate of five percent
per year.
If this remains true, how much will his house be worth in four years? - Answer: $164,944
House A $125,260 Appreciates 5% each year
House B $120,160 Appreciates 6% each year
Which house is worth more after two years? - Answer: House A
Pam deposited $890 in a savings account with three percent simple interest.
How much interest will she earn in five years? - Answer: $133.50
Use the formula A=P(1+rn)^nt to find the amount in a compound interest account after t years,
compounded n times a year. Mary deposited $5,600 in an account, which compounded 1.9 percent
quarterly, and left it there for 10 years.
What was the amount in the account at the end of 10 years?
Round to the nearest dollar. - Answer: $6,769
Kerry's credit card statement showed these items.
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Quizzes with Certified Solutions.
Alice makes $20,504 annually.
What is the maximum monthly rent that she can afford to pay? - Answer: $478
Which two-bedroom will cost the most to rent monthly?
Assume that electric is $50 and gas is $69. - Answer: Downtown Apts
How much would you pay in move-in costs for the two-bedroom Hometown Apartment if you pay first
and last month's rent, a $185 security deposit, and a 30 percent fee to the rental agent?
Round to the nearest dollar. - Answer: $1,370
Erica makes $4,840 monthly.
What is the maximum loan she can take out on a house? - Answer: $116,160
Page 1 of 10
, Larry has saved $18,500 toward a down payment on a house.
If he makes $3,890 a month, how much can he afford to spend on a house? - Answer: $111,860
Use this formula to find the value of a house with appreciation:
A=V(1+r)^Y
When Henry bought his house for $135,700, he was told that it would appreciate at a rate of five percent
per year.
If this remains true, how much will his house be worth in four years? - Answer: $164,944
House A $125,260 Appreciates 5% each year
House B $120,160 Appreciates 6% each year
Which house is worth more after two years? - Answer: House A
Pam deposited $890 in a savings account with three percent simple interest.
How much interest will she earn in five years? - Answer: $133.50
Use the formula A=P(1+rn)^nt to find the amount in a compound interest account after t years,
compounded n times a year. Mary deposited $5,600 in an account, which compounded 1.9 percent
quarterly, and left it there for 10 years.
What was the amount in the account at the end of 10 years?
Round to the nearest dollar. - Answer: $6,769
Kerry's credit card statement showed these items.
Page 2 of 10
