Math | Graded Assignment | Unit Test, Part 2 | Budgeting Name: Date: Graded Assignment Unit Test, Part 2: Budgeting Answer the questions. When you have finished, submit this assignment to your teacher by the due date for full credit. Total score: ____ of 21 points (Score for Question 1: ___ of 10 points) 1. Victor earns a gross annual income of $84,482 and is buying a home for $185,500. He is making a 15% down payment and financing the rest with a 25-year loan at 4.25% interest. Monthly Mortgage Payment Per $1000 Borrowed Rat 15202530e yea yea yea yea r r r r loa loa loa loa n n n n 3.0 6.9 5.5 4.7 4.2 0% 06 46 42 16 3.2 7.0 5.6 4.8 4.3 5% 27 72 73 52 3.5 7.1 5.8 5.0 4.4 0% 49 00 06 90 3.7 7.2 5.9 5.1 4.6 5% 72 29 41 31 4.0 7.3 6.0 5.2 4.7 0% 97 60 78 74 4.2 7.5 6.1 5.4 4.9 5% 23 92 17 19 4.5 7.6 6.3 5.5 5.0 0% 50 26 58 67 4.7 7.7 6.4 5.7 5.2 5% 78 62 01 16 5.0 7.9 6.6 5.8 5.3 0% 08 00 46 68 (a) What is the mortgage amount he will borrow? (b) Can he afford this mortgage? Justify your response. (c) What will his monthly mortgage payment be? (d) What will his total payment for the house be? (e) What is the amount of interest he will pay? Answer: 2015 K12 Inc. All rights reserved. Copying or distributing without K12's written consent is prohibited. Page 1 of 4 Math | Graded Assignment | Unit Test, Part 2 | Budgeting (Score for Question 2: ___ of 11 points) 2. Rhianna is buying a car for $14,390. She has a $1000 trade-in allowance and will make a $1500 down payment. She will finance the rest with a 4-year auto loan at 2.6% APR. Monthly Car Loan Payment Per $1000 Borrowed Rate 24-month 36-month 48-month 60-month loan loan loan loan 2.5% 42.760 28.861 21.914 17.747 2.6% 42.805 28.905 21.958 17.791 2.7% 42.849 28.949 22.002 17.836 2.8% 42.893 28.993 22.046 17.880 2.9% 42.937 29.037 22.090 17.924 3.0% 42.981 29.081 21.134 17.969 Liability Insurance, Bodily Injury Amount Premium 25/100 $220 50/100 $310 100/300 $450 Liability Insurance, Property Damage 2015 K12 Inc. All rights reserved. Copying or distributing without K12's written consent is prohibited. Page 2 of 4 Math | Graded Assignment | Unit Test, Part 2 | Budgeting Amount Premium 25 $175 50 $245 100 $375 Collision & Comprehensive Premiums Deductible Collision $100 $215 Comprehensiv e $129 $250 $185 $102 $500 $148 $85 Rating Factor 2015 K12 Inc. All rights reserved. Copying or distributing without K12's written consent is prohibited. Page 3 of 4 Math | Graded Assignment | Unit Test, Part 2 | Budgeting Age Male Female 17-20 3.0 1.45 21-24 2.15 1.2 25-29 1.55 1.0 (a) How much money will she borrow in an auto loan? (b) What will her monthly auto payment be? 2015 K12 Inc. All rights reserved. Copying or distributing without K12's written consent is prohibited. Page 4 of 4