1. As a general rule you should spend no more than of your budget on rent or a mortgage?
3. How much equity does Shonda have in her home if she purchased it for 525,000 and owes 418,000 to the bank. Her relator told her it can sell for 575,000.
5. T/F the lower the interest rate on your mortgage, the less total interest you will pay.
7. T/F The shorter your loan term the more interest you will pay.
9. T/F The longer your loan term the lower your monthly payments will be.

Define the following terms:

• Market value
• Appraised value
• Assessed value-
• Estimated value
• Mortgage
• Equity
• Lease

3. 
   

Car

2. The general guideline is that monthly car payments should be no more than percent of the money you have left after paying all regular monthly expenses, such as rent, utilities and credit card payments.
4. What does the FTC require from dealerships selling used vehicles?
6. What is the name for a vehicle with substantial defects that the manufacturer has been unable to fix after repeated attempt?
8. What is the single greatest expense of owning a car?
10. What is the average car loan length?
12. Define the following
    • Down payment
    • Trade-in
    • Preapproved loan
    • Car title
    • Car registration