Stanford University Consumer

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Worksheet

Steve wants to buy a guitar. The model he wants costs $500.00. He can put down $100, but will need to take out a loan for the remaining $400. If he is charged an interest rate of 8%, about how much interest will he pay on the guitar in one year?

Approximately what will be his monthly payment?

Sara wants new furniture for her apartment. She picked out furniture that costs $3,500. She has $500 to put down on the furniture, and she can obtain a loan at 8% for 3 years for the remainder. Approximately what will her monthly payment be?

What will be the total cost of the item?

If Ted is making monthly payments of $77 on a loan of $4,000 for 5 years; approximately what percent interest is he paying?

Jean borrows $12,000 for 8 years at 6% interest. What is the approximate cost of the loan? What is Jean’s approximate total cost? What is Jean’s approximate monthly payment?

5. What is the approximate monthly payment on a 3 year loan at 10% on a principal of $5,000?

Renting Worksheet: Complete this worksheet showing all work.

You have a monthly income of $2,800 and you are looking for an apartment. What is the maximum amount you should spend on rent?

You have a monthly income of $1,900 and you are looking for an apartment. What is the maximum amount you should spend on rent?

An apartment you like rents for $820. What must your monthly income be to afford this apartment?

An apartment you like rents for $900. What must your monthly income be to afford this apartment?

An apartment rents for $665/month. To start renting, you need the first and last month’s rent, and a $650 security deposit. You also have upfront costs of $126 for a year of tenant insurance, $95 hookup fee for phone and internet, and $80 TV hookup fee. What is the total amount you need to begin renting the apartment?

Buying a house worksheet: Complete this worksheet showing all work using the mortgage payment chart provided in this lesson. You may print it out and do it by hand, or complete it right in Microsoft word. Then upload the completed worksheet with your journal as an attached file (Word document or Jpeg file).

Tom buys a condominium for $42,600. He makes a down payment of 15%, and pays these closing costs: survey $225; inspection, $110; mortgage fee, $852; legal fees, $450; title insurance, $286. What is the amount of the down payment? What are the total closing costs? How much will he need to bring to the closing (down payment + closing costs)?

Kerri takes out a mortgage for $55,000 at 9% for 25 years. What are her monthly payment, the total amount paid, and the cost of the mortgage?

Fred takes out a mortgage for $60,000 at 7% for 20 years. What are his monthly payment, the total amount paid, and the cost of the mortgage?

The Roger’s applied for a $70,000 mortgage for 30 years at 9%. Since they had a good credit history, they actually qualified for a 25 year mortgage at 7%. What were the payments on the 9% loan, and the 7% loan? What do they save monthly? What is the total repayment on the 9% loan and the 7% loan, and what do they save over the life of the loan?

Stan has a Homeowner’s Insurance policy on his house. He decides to build a garage. He needs to take out a building permit for the garage which costs $125. He also needs to update his Homeowner’s policy to include other structures on the property since he does not have any other buildings but his house currently. The cost for this is $245. Stan has $20,000 saved, and the garage price is $19,700. How much more will Stan need to cover the cost of the garage with permit and insurance included?

The Staff family pays a rate of 31 mills in property tax. The assessed value of the home is $48,000. What is their property tax?

Mark and Diane pay a rate of 43.7 mills in property tax. The assessed value of the home is $74,000. What is their property tax?

Shawn pays a rate of 35.55 mills in property tax on a home with an assessed value of $63,500. What is his property tax?

The Smith’s and the Jones are neighbors. They both have a tax rate of 28.5 mills. The Smith’s house is assessed at $80,000. The Jones’ house is assessed at $67,000. How much more do the Smith’s pay in property tax?

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