Chapter 8 Review:

Independent Living

• Lease• Security deposit• Landlord• Tenant• Front-end-ratio• Back-end-ratio• Condominium• Co-op• Escrow• Recurring /Non-recurring

costs

Vocabulary to Know!!!!

• Amortization table• Closing costs• Earnest money deposit• Attorney fee• Origination fee• Title search• Points• Origination points• Equity

The length of a room is 25 feet. The floor plan scale is ½ inch = 3 feet. How long is the room on the plan?

4 1/6 inches

Brian owns 5% of his co-op. There are a total of 18,000 shares. How many shares does he own?

900 shares

Maddie just rented an apartment for $1200 per month. She was told that the rent will increase 3% per year. How much will she pay after 6 years?

$1391.13

Allie just got a $250,000 mortgage with a 4.5% APR. How much of her first month’s payment will go to interest?

$937.50

When Heather bought her house her annual property taxes were $2750.40. This past year they were $3454.30. What is the percent increase?

25.6%

Lily bought a house for $340,000 with a 4.8% APR for 30 years. What will be her total interest paid?

M=$1783.86Total=$642190.39

Total Interest = $302,190.39