Pat and his friend rent an apartment together. Their total cost to move in included first months rent, last months rent and a security deposit of $600. If Pat paid a total of $1,050 to move in, how much is his share of the rent each month?
a.
$375
b.
$450
c.
$525
d.
$750
answer
A
question
Miguel wants to buy a condominium. He has the choice of buying it now or renting it with the option to buy at the end of 3 years. If he buys it now, it will cost him $6,000 to close and his mortgage payment will be $726 per month. If he rents, he must pay a move-in cost of one months rent and a security deposit of $2,000.
Miguel decides to rent because it is the cheapest option over the first 3 years. To the nearest dollar, what is the maximum amount of monthly rent payment he could pay?
a.
$670
b.
$782
c.
$814
d.
$837
answer
C
question
Marquet is relocating to an area where she will be attending college. She finds a townhome with an option to rent or buy. The conditions of each are shown below.
Rent: Move-in cost of $1,350 and monthly payment of $795.
Buy: Move-in cost of $8,235 and monthly payments of $750.
Marquet plans to stay in the area for the 5 years it will take her to get a graduate degree, so she decides to buy. Choose the best evaluation of Marquet's decision.
a.
Since the costs would be the same over the 5 year period, she will have made a good decision if the property value does not decrease.
b.
She made a fairly good decision. Buying the townhome will be cheaper over the 5 year period as long as she doesn't have major repairs to make.
c.
She made a poor decision if the property value does not increase. Renting the townhome would be cheaper over the 5 year period.
d.
There is not enough information given to determine which option is best.
answer
C
question
Which of the following is an advantage of renting?
a.
ease of mobility
b.
economic gain
c.
financial risk
d.
tax savings
answer
A
question
Three friends decide to rent an apartment and split the cost evenly. They each paid $640 towards the total move in cost of first and last months rent and a security deposit. If rent is $650 per month, how much was the security deposit?
a.
$10
b.
$207
c.
$620
d.
$1,270
answer
C
question
Latisha found an apartment that she wants to rent. The rent is $675 per month and there is a security deposit of $325. To move in, Latisha must have first months rent, last months rent and the security deposit. How much does Latisha need to move in?
a.
$1,000
b.
$1,325
c.
$1,675
d.
$2,000
answer
C
question
Describe what is meant by the statement "Renting can restrict ones lifestyle."
answer
Renters must live by the landlord's rules or guidelines. For example, a renter may not be allowed to paint, hang things on the wall, put up decorations or have pets.
question
Which of the following is not a typical cost associated with renting?
a.
last months rent
b.
pet deposit
c.
property tax
d.
security deposit
answer
C
question
Keyon and two of his friends are going to rent a 3 bedroom apartment for $840 a month. The security deposit is $500 and the pet deposit is $265. In addition to the deposits, Keyon and his friends must pay first and last months rent. If they split the cost evenly, how much will each pay to move in?
a.
$535
b.
$613
c.
$727
d.
$815
answer
D
question
Which of the following could result in higher living costs for the homeowner that the renter doesn't have?
a.
decreased property value
b.
down payment
c.
maintenance
d.
monthly payment
answer
C
question
Which of the following is not an advantage of renting?
a.
ease of mobility
b.
fewer responsibilities
c.
lower initial costs
d.
restricted lifestyle
answer
D
question
Mika wants to buy a condominium. He has the choice of buying it now or renting it with the option to buy at the end of 3 years. If he buys now, he could put $0 down, but he must pay closing costs of $7,100. His monthly mortgage payment will be $675.
Mika decides to rent instead of buy because it is the cheapest option over the first 3 years. His move-in costs are one months rent and a $750 security deposit.To the nearest dollar, what is the maximum amount of monthly rent payment he could pay?
a.
$636
b.
$654
c.
$828
d.
$851
answer
C
question
Sally must have a total of $2,250 to move in to her new apartment which includes first months rent, last months rent, a pet deposit and a security deposit. If the pet deposit is $150 and the security deposit is $750, how much is her rent each month?
a.
$650
b.
$675
c.
$750
d.
$1,050
answer
B
question
Two friends decide to rent an apartment and split the cost evenly. They each paid $575 towards the total move in cost of first and last months rent and a security deposit. If the apartment cost $325 per month to rent, how much was the security deposit?
a.
$125
b.
$250
c.
$500
d.
$825
answer
C
question
Tomaso and three of his friends are splitting the cost to rent a house for $975 a month. The security deposit is $1,500 and there is a cleaning deposit of $325. They must pay first and last months rent upon moving in. Tomaso has a cat, so he will pay an additional $150 pet deposit that his friends won't. Approximately how much will Tomaso pay to move in? Round your answer to the nearest dollar.
a.
$850
b.
$944
c.
$981
d.
$1,094
answer
D
question
Which of the following is not an advantage of buying a home?
Tax savings
Potential Economic Gain
Pride in Ownership
Lower Initial Cost
answer
Lower Initial Cost
question
Which of the following is a typical cost associated with renting?
a.
closing costs
b.
down payment
c.
property tax
d.
security deposit
answer
D
question
What is a financial risk of being a homeowner?
a.
The home may be difficult to sell.
b.
The home may need repairs.
c.
The home may decrease in value.
d.
The home may have taxes.
answer
C
question
Aleisha wants to buy a condominium. She has the choice of buying it now or renting it with the option to buy at the end of 4 years. If she rents now, she must pay a deposit of $1,500 and pay rent of $865 per month. If she buys, she would need closing costs and her mortgage payment would be $844. How much would her closing costs need to be in order for the cost to buy to be the same as the cost to rent?
a.
$4,008
b.
$2,508
c.
$1,521
d.
$1,008
answer
B
question
Limited mobility may be a disadvantage of buying because the home is _____.
a.
difficult to get around in
b.
difficult to sell
c.
expensive to repair
d.
far away from work
Pat and his friend rent an apartment together. Their total cost to move in included first months rent, last months rent and a security deposit of $600. If Pat paid a total of $1,050 to move in, how much is his share of the rent each month?
a.
$375
b.
$450
c.
$525
d.
$750
answer
A
question
Miguel wants to buy a condominium. He has the choice of buying it now or renting it with the option to buy at the end of 3 years. If he buys it now, it will cost him $6,000 to close and his mortgage payment will be $726 per month. If he rents, he must pay a move-in cost of one months rent and a security deposit of $2,000.
Miguel decides to rent because it is the cheapest option over the first 3 years. To the nearest dollar, what is the maximum amount of monthly rent payment he could pay?
a.
$670
b.
$782
c.
$814
d.
$837
answer
C
question
Marquet is relocating to an area where she will be attending college. She finds a townhome with an option to rent or buy. The conditions of each are shown below.
Rent: Move-in cost of $1,350 and monthly payment of $795.
Buy: Move-in cost of $8,235 and monthly payments of $750.
Marquet plans to stay in the area for the 5 years it will take her to get a graduate degree, so she decides to buy. Choose the best evaluation of Marquet's decision.
a.
Since the costs would be the same over the 5 year period, she will have made a good decision if the property value does not decrease.
b.
She made a fairly good decision. Buying the townhome will be cheaper over the 5 year period as long as she doesn't have major repairs to make.
c.
She made a poor decision if the property value does not increase. Renting the townhome would be cheaper over the 5 year period.
d.
There is not enough information given to determine which option is best.
answer
C
question
Which of the following is an advantage of renting?
a.
ease of mobility
b.
economic gain
c.
financial risk
d.
tax savings
answer
A
question
Three friends decide to rent an apartment and split the cost evenly. They each paid $640 towards the total move in cost of first and last months rent and a security deposit. If rent is $650 per month, how much was the security deposit?
a.
$10
b.
$207
c.
$620
d.
$1,270
answer
C
question
Latisha found an apartment that she wants to rent. The rent is $675 per month and there is a security deposit of $325. To move in, Latisha must have first months rent, last months rent and the security deposit. How much does Latisha need to move in?
a.
$1,000
b.
$1,325
c.
$1,675
d.
$2,000
answer
C
question
Describe what is meant by the statement "Renting can restrict ones lifestyle."
answer
Renters must live by the landlord's rules or guidelines. For example, a renter may not be allowed to paint, hang things on the wall, put up decorations or have pets.
question
Which of the following is not a typical cost associated with renting?
a.
last months rent
b.
pet deposit
c.
property tax
d.
security deposit
answer
C
question
Keyon and two of his friends are going to rent a 3 bedroom apartment for $840 a month. The security deposit is $500 and the pet deposit is $265. In addition to the deposits, Keyon and his friends must pay first and last months rent. If they split the cost evenly, how much will each pay to move in?
a.
$535
b.
$613
c.
$727
d.
$815
answer
D
question
Which of the following could result in higher living costs for the homeowner that the renter doesn't have?
a.
decreased property value
b.
down payment
c.
maintenance
d.
monthly payment
answer
C
question
Which of the following is not an advantage of renting?
a.
ease of mobility
b.
fewer responsibilities
c.
lower initial costs
d.
restricted lifestyle
answer
D
question
Mika wants to buy a condominium. He has the choice of buying it now or renting it with the option to buy at the end of 3 years. If he buys now, he could put $0 down, but he must pay closing costs of $7,100. His monthly mortgage payment will be $675.
Mika decides to rent instead of buy because it is the cheapest option over the first 3 years. His move-in costs are one months rent and a $750 security deposit.To the nearest dollar, what is the maximum amount of monthly rent payment he could pay?
a.
$636
b.
$654
c.
$828
d.
$851
answer
C
question
Sally must have a total of $2,250 to move in to her new apartment which includes first months rent, last months rent, a pet deposit and a security deposit. If the pet deposit is $150 and the security deposit is $750, how much is her rent each month?
a.
$650
b.
$675
c.
$750
d.
$1,050
answer
B
question
Two friends decide to rent an apartment and split the cost evenly. They each paid $575 towards the total move in cost of first and last months rent and a security deposit. If the apartment cost $325 per month to rent, how much was the security deposit?
a.
$125
b.
$250
c.
$500
d.
$825
answer
C
question
Tomaso and three of his friends are splitting the cost to rent a house for $975 a month. The security deposit is $1,500 and there is a cleaning deposit of $325. They must pay first and last months rent upon moving in. Tomaso has a cat, so he will pay an additional $150 pet deposit that his friends won't. Approximately how much will Tomaso pay to move in? Round your answer to the nearest dollar.
a.
$850
b.
$944
c.
$981
d.
$1,094
answer
D
question
Which of the following is not an advantage of buying a home?
Tax savings
Potential Economic Gain
Pride in Ownership
Lower Initial Cost
answer
Lower Initial Cost
question
Which of the following is a typical cost associated with renting?
a.
closing costs
b.
down payment
c.
property tax
d.
security deposit
answer
D
question
What is a financial risk of being a homeowner?
a.
The home may be difficult to sell.
b.
The home may need repairs.
c.
The home may decrease in value.
d.
The home may have taxes.
answer
C
question
Aleisha wants to buy a condominium. She has the choice of buying it now or renting it with the option to buy at the end of 4 years. If she rents now, she must pay a deposit of $1,500 and pay rent of $865 per month. If she buys, she would need closing costs and her mortgage payment would be $844. How much would her closing costs need to be in order for the cost to buy to be the same as the cost to rent?
a.
$4,008
b.
$2,508
c.
$1,521
d.
$1,008
answer
B
question
Limited mobility may be a disadvantage of buying because the home is _____.
a.
difficult to get around in
b.
difficult to sell
c.
expensive to repair
d.
far away from work
answer
B
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