1, a mortgage is set up for $ 115000 and is amortized over 25 years at 7.95% interest. approximate the following payments:

a. monthly b. semi- monthly c. weekly d. biweekly e. accelerated weekly

2, give the following ad for an apartment , what are the upfront costs?

BR/1 BR, Bright & Beautiful 1 Bedroom.

• hardwood floors
• with fridge and stove
• 1 year lease
• steps to subway
• close to grocery , shps,restaurants, and much more
• 24 hour access to laundry room and facilities

$2150/month

3, ''create a'' amortization table for the first year of a mortgage valued at $250000 with an interest rate of 3.75% amortized over 25 years.

4, You have a net income of $40000/year. Your expenses include the following:

Rent: $800/month Insurance: $225/semi-annually Car Payment: $315/month Car Expenses: $1000/year RRSP: $50/month Entertainment: $50/week Cell Phone: $75/month Food: $500/month

a) ''Create a'' budget.

b) Modify the budget to include a savings plan of $100/week.

c) You paid off your car and have decided to buy a house. Your mortgage payment is now $1050/month. Modify the budget to reflect this new financial plan.

5, Define the following terms. (You may have to use your search engine on the internet to find some of them.)

a) RRSP b) Mortgage c) RRIF d) RESP e) CMHC fee f) Land Transfer tax g) Equity

6, List 4 types of monthly expenses that one would have to include in a budget.

7, List 2 advantages and 2 disadvantages of renting versus buying a home.

8, You need to finance a car and can afford up to $525/month. You must borrow $26500 using one of the following options:

Loan 1 Loan 2 Loan 3 0% financing for three years 2.9% financing for four years 4.9% financing for five years

a) Which loan option would you choose and why? b) What could you do to reduce your interest costs?

9,$160 000 is borrowed at 7.25%. Compare the monthly payment and total interest to pay off the mortgage for a 25-year amortization and a 30-year amortization.

10, You need a $230 000 mortgage and have a great credit rating. The posted interest rate for the term you want is 7.95%. If you amortize this mortgage over 25 years, and negotiate the rate down to 7.1%, compare the monthly payments and the total interest with each interest rate.

11,a) Search the internet and find the current minimum wage. b) If you were to work 40 hours a week at the current minimum wage, what is your gross pay for the week? (1 mark) c) Search the internet to find what your tax deduction would be for this gross pay. d) Determine your weekly net income.