Home Purchase or Rental

Which percent is used to determine range for renting a home?

• 25%-30% of monthly gross income

• less than 28% of monthly house expenses

• less than 36% of monthly expenses

• 2%-7%

Which percent is used to determine what amount should be brought to the closing on a home?

• 25%-30% of monthly gross income

• less than 28% of monthly house expenses

• less than 36% of monthly expenses

• 2%-7%

Which percent is used to front-end ratio?

• 25%-30% of monthly gross income

• less than 28% of monthly house expenses

• less than 36% of monthly expenses

• 2%-7%

Which percent is used to back-end ratio?

• 25%-30% of monthly gross income

• less than 28% of monthly house expenses

• less than 36% of monthly expenses

• 2%-7%

On the amoritization table, how would you find the ending balance?

• beginning balance - interest

• beginning balance - principal

• interest + principal

• monthhly payment - interest

• monthly interest - principal

On the amoritization table, how would you find the monthly payment?

• beginning balance - interest

• beginning balance - principal

• interest + principal

• monthhly payment - interest

• monthly interest - principal

On the amoritization table, how would you find the interest payment? Choose all that apply

• beginning balance x interest rate/12

• beginning balance - principal

• interest + principal

• monthhly payment - interest

• monthly payment - principal

• Monthly Payment

• Monthly Interest

• front-end ratio

• back-end ratio

• None of these

• Monthly Payment

• Monthly Interest

• front-end ratio

• back-end ratio

• None of these