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hw5

Description Use the information below to answer the questions.
Instructions You have just graduated from ACME State with a degree in Diesel Technology.  Your new job takes you to Toledo, Ohio.  You are now earning $35,000 per year.  Your take home pya is 70% of that gross toal.  You are anxious to purchase a home.  You have the following monthly expenses:
 
Food                                        $275
Utilities                                   $145
Phone                                      $75
Medical                                   $30
Insurance                                $130 (including auto, health and life)
Clothing                                  $70
Student loan payment             $145
VISA payment                        $65
MasterCard Payment              $48
Car payment                           $211
Miscellaneous                        $100
 
Total                                       $_______
Multiple Attempts This test allows 3 attempts. This is attempt number 1.
Force Completion This test can be saved and resumed later.

 
QUESTION 1

  1. First calculate your monthly take-home pay.  Next, add up the budgeted monthly expenses shown above.  How much remains for a monthly mortgage PITI payment (PITI = principal, interest, taxes, insurance)?
$1,622,67
$2,916.67
$747.67
$2,041.67

1 points   
QUESTION 2

  1. Assume that taxes and insurance (T&I) amount to $70 per month.  How much remains to pay monthly mortgage principal and interest (P&I)?  (Hint:  Use your answer from the previous question)
$1,552.67
$795.67
$677.67
$1,971.67

1 points   
QUESTION 3

  1. Using the answer to the above question calculate the size of the mortgage loan you could obtain.  Assume a 30-year loan at 7 percent annual interest.
$101,858.93 mortgage
$112,380.46
$119,494.52
$131,497.99

1 points   
QUESTION 4

  1. Using the answer from the above question, and assuming you have 10 percent of the purchase price, what is the most you could pay for a home?
$126,666,67
$134,444.44
$113,176.59
$101,858.93

1 points   
QUESTION 5
1.      Assuming you do not pay the mortgage off early, how much interest will you pay the lender over the life of the 30 year loan if you payment is $677.67 per month and the mortgage loan was for $107,460?

$136,501.20
$134,587.94
$125,682.57
$140,520.60

1 points   

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hw4

Description Use the following information to answer all of the questions.
Instructions Scenario:
Mortgage Loan = $150,000
Loan length = 30 years
Interest rate = 6% annually
Multiple Attempts This test allows 3 attempts. This is attempt number 1.
Force Completion This test can be saved and resumed later.

 
QUESTION 1
1.      What will be the monthly mortgage payment?

$899.33
$857.23
$908.17
$895.46

1 points   
QUESTION 2
1.       Assuming you do not pay the loan off early, how much total interest will you pay the lender?

$176,880.48
$158,520.21
$173,758.80
$172,200.66

1 points   
QUESTION 3
1.      If you decide to amortize the loan over 15 year, what will be your monthly payment?

$1,214.42
$1,287.38
$1,265.79
$1,259.85

1 points   
QUESTION 4
1.       Assume you select a 15-year mortgage with an interest rate of 7.5 percent.  What will your monthly payment be?  (mortgage loan is still $150,000)

$1,416
$1,391
$1,382
$1,317

1 points   
QUESTION 5
1.       Assume you select a 15-year mortgage with an interest rate of 7.5 percent.  How much total interest will you pay to the lender?  (mortgage loan is still $150,000)

$98,760.300
$100,380.00
$87,060.92
$104,880.28

1 points   

hw3

QUESTION 1
1.      If you purchased automobile liablilty coverage of 75/200/30, describe what each number means.

a. $75,000 liability coverage for property damage
$200,000 liability coverage per accident for bodily injury
$30,000 liability coverage per person for bodily injury
b. $75,000 liability coverage per person for bodily injury
$200,000 liability coverage per accident for bodily injury
$30,000 liability coverage for property damage
c. $750 liability coverage per person for bodily injury
$2,000 liability coverage per accident for bodily injury
$300 liability coverage for property damage
d. $750 liability coverage for property damage
$2,000 liability coverage per accident for bodily injury
$300 liability coverage per person for bodily injury

1 points   

QUESTION 2
1.      Assume you own a 1996 Chevrolet Impala which has a book value of $800.  The total annual premium for your auto insurance policy is $789.  The annual cost for collision coverage is $284 with a $500 deductible.  Liability coverage of 100/300/50 costs you $325 per year.  what is the annual cost per $1,000 of coverage for collision insurance?  What is the annual cost per $1,000 of coverage for liability insurance?

a. $568 is the collision cost per $1,000
$0.93 is the liability cost per $1,000
b. $284 is the collision cost per $1,000
$325 is the liability cost per $1,000
c. $3 is the collision cost per $1,000
$1 is the liability cost per $1,000
d. $946.67 is the collision cost per $1,000
$0.93 is the liability cost per $1,000

2 points   
QUESTION 3
1.      Assume you have an accident in which your 1996 Impala is totally destroyed, but you are not hurt.  ACME Insurance Co. (your insurance company) wrties you a check for the car.  What is the dollar amount of the check?

a. $1,000
b. $800
c. $500
d. $300

1 points   

QUESTION 4
1.      Assume you have a home which would cost $120,000 to replace.  You currently have the home insured for $85,000.  Last night a tornado damaged your home, causing an estimated $25,000 in damage.  How much will your insurance company pay for repairing the damage to your home?

a. $25,000
b. $85,000
c. $22,135
d. $68,000
 

hw2

1.       John and Kim are married, however, they did not have health insurance for any of 2015.  Their household income was $50,000.  What is the penalty they will have to pay – flat fee or percentage – what is the dollar amount?


 

$588
$650
$532
$675

1 points   

QUESTION 2
1.
In March 2015 you have an emergency surgery.  You need to figure out your share of the total medical expenses.  Your annual health insurance premium costs you $450.  Your insurance policy has a $1500 annual deductible after which it pays 70% of the charges (70/30).  The total bill for surgery was $17,500.  What is your portion of the surgery costs?
 

a. $6,600 your total bill
b. $5100 your total bill
c. $6,300 your total bill
d. $4800 your total bill

1.5 points   
QUESTION 3
1.       This is not your year.  It is now June of the same year.  Just after recovering from the surgery you are rushed to the hospital with a massive blood clot in your leg.  The total bill this time comes to $4,000.  All costs associated with treatment of the blood clot are covered under your health insurance policy.
How much of this $4,000 bill will you need to pay?

a. $1,500 your total bill
b. $0 your total bill
c. $4,000 your total bill
d. $300 your total bill

1.5 points   
QUESTION 4
1.       Had the bloodclot problem occured in February of the next calendar year, how much of the bill would you have had to pay?

$1,500
$4,000
$0
$2,250

1 points   

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hw1

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QUESTION 1
1.       Using the “Human Life Value” method, how much life insurance should you purchase if you take into account 3% annual inflation over the next 45 years until retirement, an annual income of $61,500 received at the start of each years, and a time value of money of 7%?  (Assume 100% income replacement and a marginal tax rate of 15%)

a. $1,272,027
b. $1,236,658
c. $1,588,959.94
d. $1,545,823

1 points   

QUESTION 2
1.      Using the “Desired Income” method, how much insurance would be needed if you want to provide your survisors with a real annual income of $55,000 at the beginning of each year?  (Assume a before-tax rate of return of 7%, a marginal tax rate of 22%, and annual inflation rate of 3% per year.)

a. $2,535,620
b. $2,301,255
c. $1,833,333
d. $1,007326

1 points   
QUESTION 3
1.      You are 40 years old and earn $65,000 annually.  Based on a multiple of income of 12, how much life insurance should you purchase?

a. the answer is not given
b. $650,000
c. $1,300,000
d. $780,000

1 points   
QUESTION 4
1.      Using the “Desired Income” method, if you want to provide your survivors with a nominal annual income of $55,000 at the beginning of each year, how much life insurance is needed assuming your survivors can earn 7% interest annually?  Assume a combined tax rate of 22%.

a. $268,817
b. $785,714
c. $250,000
d. $1,007,326

1 points   

QUESTION 5
1.       Using the “Human Life Value” method, how much life insurance should you purchase if you have 45 years until retirement, an annual income of $61,500 received at the start of each years, and a time value of money of 7%?  (Assume 80% income replacement, ignore taxes and inflation.)

a. $716,249
b. $895,311
c. $836,740
d. $669,392

 

 

    

 
 

DeWalt