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12. Brenna doesn’t understand what an amortization schedule is. Explain it in your own words. _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ 13. According to experts, if Brenna chooses to rent, what must she do to build the kind of wealth and financial security that homeownership provides ? _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ 14. Brenna is considering leasing the condo, but she is concerned about utilities . She doesn’t know who pays for these. How can she find out? _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ 15. Brenna signed a one-year lease on the condo. She expects that when the lease term ends, it will just renew itself like her friend Kenna’s month-to-month rental agreement . Is this right? _ ______________________________________________________________________________ _ ______________________________________________________________________________ 16. Jenna has found a house in her neighborhood for $175,000. She has saved enough for a 20% down payment. She also has the option of renting a nice apartment for about $800. She’s trying to decide which is the financial best option: buy or rent? Is there a special calculator she can use to help her determine the costs of each and at what point buying is less expensive than renting? _ ______________________________________________________________________________ _ ______________________________________________________________________________ 17. Use a buy vs. rent calculator to help Jenna figure out how long she must own the property before it is cheaper to buy than rent. _ ______________________________________________________________________________ PRODUCT PREVIEW
Chapter 9 | Home is Where the Mortgage or Lease Is 168
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