Quiz Section 9-5 thru 9-8

Mikayla owns a home with a market value of $350,000 and was assessed by the city at 50%. Her city has a tax rate of 66 mills. What is the assessed value of her home?

• $350,000
• 231,000
• 175,000
• 200,000

Mikayla owns a home with a market value of $350,000 and was assessed by the city at 50%. Her city has a tax rate of 66 mills. What will she have to pay in real estate taxes for the year?

• $175,000
• $11,550
• $17,500
• $3300

A home in Livonia has a market value of $450,000. Livonia has an assessment rate of 45% and a millage of 52 mills. What is the yearly cost in property tax?

• $450,000
• $202,500
• $10530
• $91,125
• $9,112.5

Lonnie has a home with a replacement value of $275,000. It is insured for 90% of its replacement value. What is the amount insured on his home?

• $247,500
• $305,555.55
• $275,000
• $123,750
• $3300

Lonnie has a home with a replacement value of $275,000. It is insured for 90% of its replacement value. If Lonnie has a garage fire, what is the maximum amount of insurance coverage Lonnie would have on his garage if his insurance covers 10% of garage and other structures?

• $247,500
• $24,750
• $27,500
• $275,000

Xavier has a wooden house with a replacement value of $77,777 and a fire protection class of 11. If his insurance covers 90% of the replacement value of his home, how much will his yearly premium be?

• $277
• $264
• $241
• $303
• $252

Cole has a brick house with a replacement value of $229,885 and a fire protection class of 6. If his insurance covers 87% of the replacement value of his home, how much will his yearly premium be?

• $474
• $353
• $567
• $509
• $379

Doris was looking at her expenses for the month of December and had the following monthly expenses: 1. A mortgage payment of $500 2. A home insurance payment of $55 3. A payment of $155 for property taxes 4. An electric bill of $85 5. A gas bill of $65 6. A water bill of $20 7. A home maintenance fee of $75 for a furnace inspection What is her monthly expense for this month?

• $955
• $935
• $895
• $870
• $800

Doris was looking at her expenses for the month of December and had the following monthly expenses: 1. A mortgage payment of $500 2. A home insurance payment of $55 3. A payment of $155 for property taxes 4. An electric bill of $85 5. A gas bill of $65 6. A water bill of $20 7. A home maintenance fee of $75 for a furnace inspection Does Doris meet the guideline of 35% if she has a take home pay of $2900?

• Yes
• No

Doris was looking at her expenses for the month of December and had the following monthly expenses: 1. A mortgage payment of $500 2. A home insurance payment of $55 3. A payment of $155 for property taxes 4. An electric bill of $85 5. A gas bill of $65 6. A water bill of $20 7. A home maintenance fee of $75 for a furnace inspection Does Doris meet the guideline of 35% if she has a take home pay of $2600?

• Yes
• No