Transcript Chapter 4 Practice Test - Consumer Mathx

Chapter 4 Practice Test
CONSUMER MATH
MASTERY TEST A
Chapter 4 Practice Test
1. Eric’s income is $766 every two weeks. Use the
renter’s rule to compute the most Eric should
spend for rent each month.
$766 ÷ 2 = $383
* Renters Rule: The renter’s rule says you
should spend no more than one week’s
income for a month’s rent.
Chapter 4 Practice Test
2. If Eric pays $375 for rent each month, what is his
total rent paid in one year?
$375 x 12 = $4500
Chapter 4 Practice Test
3. Ms. Burke earns $32,000 per year and plans to buy
a house. Use the banker’s rule to determine her
maximum allowable mortgage.
$32,000 x 2.5 = $80,000
* Banker’s Rule: The banker’s rule says that
you may borrow up to 2.5 times your annual
income to buy a home.
Chapter 4 Practice Test
4. Leo wants to buy a house for $128,000 with a 20%
down payment. How much will his down payment
be?
$128,000 x .20 = $25,600
5. What is the amount of the mortgage for Leo’s house?
$128,000 - $25,600 = $102,400
Chapter 4 Practice Test
6. What is the monthly payment on an 8% 30-year mortgage for $68,000?
$7.34 x 68 = $499.12
7. Compute the total amount repaid on a mortgage for $70,000 at 9% for 35 years.
$7.84 x 70 = $548.80
$548.80 x 420 = $230,496
Chapter 4 Practice Test
7614
8322
10. Compare the two electric meter readings above. How many
units of electricity were used during the month of April?
8322 – 7614 = 708
Chapter 4 Practice Test
11. The natural gas rate is $0.72 per unit. A customer
uses 158 units. How much is the bill?
$0.72 x 158 = $113.76
12. The monthly flat rate for Tim’s telephone is $19.95.
He is charged $1.85 for a long distance call and $1.76
for taxes. What is the total bill?
$19.95 + $1.85 + $1.76 = $23.56
Chapter 4 Practice Test
13. Find Jessica’s utility expenses. The following
amounts are due:
Telephone, $18.56
Electricity, $39.92
Water, $2.73
Gas, $37.84
$18.56 + $2.72 + $39.92 + $37.84 = $99.04
Chapter 4 Practice Test
14. A wood frame house in Area A; its value is $56,800.
$56,800 x 0.0045 = $255.60
15. A brick house in Area B; its value is $98,000.
$98,000 x 0.0041 = $401.80