1.
There is an apartment with a monthly rent of $330 and utilities average at about $70 per month. What will be your annual cost for this apartment?
Correct Answer
B. $4800
Explanation
To calculate the annual cost for the apartment, we need to add the monthly rent and the monthly utilities and then multiply it by 12 (months in a year). So, $330 (monthly rent) + $70 (monthly utilities) = $400 (monthly cost). Then, $400 (monthly cost) x 12 (months) = $4800 (annual cost).
2.
Your take-home pay is $1700/month and you should ideally not spend more than 30% on rent. How much should you pay for an apartment per month?
Correct Answer
B. $510
Explanation
Based on the given information, you should ideally not spend more than 30% of your take-home pay on rent. Since your take-home pay is $1700/month, 30% of that would be $510. Therefore, you should pay $510 for an apartment per month.
3.
Apartment A costs 800/month but you don't have to pay any maintenance fee.
Apartment B costs $600/month but you have to pay $50 maintenance and $50 for transport/month
Apartment C costs $500/month with no maintenance but transport costs $200
Apartment D costs $700/ month with $70 maintenance and $100 transport/ month
Which apartment costs the least?
Correct Answer
B. Apartment B
Explanation
Apartment B costs the least because even though the monthly rent is $600, the additional costs for maintenance and transport only amount to $100. This is lower than the additional costs for maintenance and transport in Apartment D, which total $170. Apartment A has no maintenance fee, but the additional cost for transport in Apartment B is still lower. Apartment C may have a lower monthly rent, but the additional cost for transport is $200, making it more expensive than Apartment B.
4.
The lease of an apartment states that you have to pay the first month's rent, the last month's rent, and the security deposit of one month's rent at the time of signing. How much money will you be required to pay at the time of signing if one month's rent is $367?
Correct Answer
C. $1101
Explanation
According to the lease, you are required to pay the first month's rent, the last month's rent, and the security deposit of one month's rent at the time of signing. Since one month's rent is $367, the first month's rent would be $367, the last month's rent would also be $367, and the security deposit would be $367. Therefore, the total amount you would be required to pay at the time of signing is $367 + $367 + $367 = $1,101.
5.
If the total length of your apartment is 33 feet and the width is 27 feet, what is the total area of the apartment, and what is its perimeter?
Correct Answer
B. Area 693 square feet and perimeter 120 feet
Explanation
The area of a rectangle is calculated by multiplying its length by its width. In this case, the length is 33 feet and the width is 27 feet. Therefore, the area of the apartment is 33 feet * 27 feet = 891 square feet.
The perimeter of a rectangle is calculated by adding the lengths of all its sides. In this case, the length is 33 feet and the width is 27 feet. Therefore, the perimeter of the apartment is 2 * (33 feet + 27 feet) = 120 feet.
6.
The monthly payment of your mortgage is $1538 and you missed one. What would be your total penalty cost if your mortgage holder charges you 5% on late payments.
Correct Answer
B. $76.90
Explanation
If the monthly payment of the mortgage is $1538 and you missed one, the penalty cost would be calculated by multiplying the monthly payment by the late payment charge of 5%. Therefore, the penalty cost would be $1538 * 0.05 = $76.90.
7.
You earn $3300 while your partner earns $2800 each month. You both are prepared to spend 33% of your combined income on rent. How much rent can you afford to pay per month?
Correct Answer
B. $2013
Explanation
To find out how much rent you can afford to pay per month, you need to calculate 33% of your combined income. Your combined income is $3300 + $2800 = $6100. Now, calculate 33% of $6100 by multiplying it by 0.33. This gives you $2013. Therefore, you can afford to pay $2013 as rent per month.
8.
Liability insurance costs you $30/month and the insurance of your belongings costs $15/month. Your landlord offers to pay 20% of the total if you choose to purchase both. How much do you have to pay for the insurance every month?
Correct Answer
C. $36
Explanation
If liability insurance costs $30/month and insurance for belongings costs $15/month, the total cost of both insurances would be $45/month. The landlord offers to pay 20% of the total, which is 20% of $45, equal to $9. Therefore, you would have to pay $45 - $9 = $36 for the insurance every month.
9.
Apartment A has a total of 3 floors, 2 of them 30 feet by 25 feet, and one floor 40 feet by 30 feet. Apartment B has 2 floors, both 40 feet by 40 feet. Both cost $50 per square foot, which one costs less?
Correct Answer
B. Apartment B
Explanation
Apartment A has a total area of (30 ft x 25 ft) + (30 ft x 25 ft) + (40 ft x 30 ft) = 1,500 sq ft + 1,500 sq ft + 1,200 sq ft = 4,200 sq ft. Apartment B has a total area of (40 ft x 40 ft) + (40 ft x 40 ft) = 1,600 sq ft + 1,600 sq ft = 3,200 sq ft. Since both apartments cost $50 per square foot, Apartment A costs $50 x 4,200 sq ft = $210,000, while Apartment B costs $50 x 3,200 sq ft = $160,000. Therefore, Apartment B costs less.
10.
If you spend $1200/month on rent and your monthly income is $4000, what percentage of it are you spending on rent?
Correct Answer
C. 30%
Explanation
To calculate the percentage of income spent on rent, divide the monthly rent ($1200) by the monthly income ($4000) and multiply by 100. In this case, $1200 divided by $4000 equals 0.3, or 30%. Therefore, 30% of the monthly income is being spent on rent.