Description Use the information below to answer the questions.

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

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

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

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

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?

$25,000

$85,000

$22,135

$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

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

Inbox

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

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Description Use the information below to answer the questions. was first posted on July 11, 2019 at 9:19 pm.
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Description Use the information below to answer the questions.

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