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6. Explain how making a larger down payment lowers the cost of owning a house over time. _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ 7. You make a salary of $3000 per month. Your take home pay is $2200. According to the housing affordability experts, what is the maximum amount of housing costs you can afford to pay if you are renting your home. a. $900 b. $1200 c. $660 d. $400 8. Imagine you bought an average priced house in your ZIP code. You made a 20% down payment. Compare your mortgage payments at 4% vs. 6%. _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ 9. What is the purpose of the Rental Application ? Will a prospective landlord run credit reports on prospective tenants? _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ 10. List five things you should do when you rent to protect yourself from losses and other conflict with the landlord. _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ _ ______________________________________________________________________________ PRODUCT PREVIEW
THE 21st CENTURY STUDENT’S GUIDE TO FINANCIAL LITERACY 171
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