Please read through the following questions and based on your week 9 material, highlight;or underline the correct answer. Please submit exam no later than midnight Sunday.;1);A brand-new car depreciates by what percentage of its purchase price as soon as;you drive it off the lot?;a. 5-9%;b. 10-14%;c. 15-19%;d. 2030%;2);If you cannot afford the payments to purchase the new car you want, what should;you consider doing?;a. Leasing it;b. Buying it used;c. Putting down more money;d. Taking out a longer-term loan;3);When financing a car, Suze suggests not financing for longer than how many;years?;a. 3 years;b. 4 years;c. 5 years;d. 6 years;4);Buying a home can be smart if you are planning to keep it for at least how long?;a. 1 year;b. 2 years;c. 4 years;d. 5 years or longer;5);Suze recommends that your mortgage, property tax, and insurance should not;exceed ______ % of your gross monthly income.;a. 15%;b. 20%;c. 25%;d. 30%;6);According to Suze, what should you be sure to have in place before buying a;home?;a. A 10% down payment, an emergency fund, and an adjustable rate;mortgage;b. A 20% down payment, an emergency fund, and a 15- or 30-year, fixedrate mortgage, and a secure job;7);c. 20% down payment;d. 3% down;If you put down less than 20% on a home purchase, which of the following will;you need to pay?;a. The moving costs of the current tenants;b. Private mortgage insurance;c. 20% over the closing costs to your realtor;d. Privatizing your utilities;8);Given todays low interest rates, what is the best long-term mortgage?;a. An adjustable-rate mortgage;b. A fixed-rate mortgage;c. A negative amortization mortgage;d. A no-money-down mortgage;9);Under what circumstances does it make sense to refinance your home?;a. If your new mortgage interest rate is 2.5% below what you are currently;paying;b. If your new mortgage interest rate is 1% below what you are currently;paying;c. If you will be living in the house long enough to recoup the closing costs;from the money you are saving from the lower mortgage payment;d. If your new monthly mortgage payment is at least $100 lower.;10);When do you get the most benefit from the mortgage interest credit on your;income tax?;a. During the later years of the mortgage;b. During the early years of the mortgage;c. Over the entire term of the mortgage as long as the payments are fixed;d. Neverthe government has abolished the mortgage interest deduction.
Paper#28373 | Written in 18-Jul-2015Price : $27