1. Leon has a home valued at $200,000 and an outstanding mortgage of $100,000. If his lender is willing to provide a home equity loan of up to 80% of market value, how much could Leon borrow using a home equity loan? Provide your calculations, explain your answer.

2) Pete and Pam want to purchase a new home but don't know how much mortgage they can qualify for. The lender requires total installment loan payments not exceed 30% of gross monthly income. Based on Pete and Pam's financial data below, what is the maximum monthly mortgage payment for which they can qualify? Provide your calculations, explain your answer.

Monthly gross income

$4,000

Car payment

200

Student loan payment

100

Current rent payment

1,000

3.Anna purchased a vehicle six years ago for $20,000. She recently sold it for $5,000. Over the years, she paid a total of $6,000 on auto insurance, $4,800 on gas and maintenance, and $2,000 in interest. What was her depreciation cost on this vehicle? Provide your calculations, explain your answer.

4.Haun and Mei have a home valued at $100,000 and an outstanding mortgage of $50,000. If their lender is willing to provide a home equity loan of up to 85% of market value, how much could they borrow using a home equity loan? Provide your calculations, explain your answer.

5.Barb and Bob want to purchase a new home but don't know how much mortgage they can qualify for. The lender requires that total installment loan payments not exceed 35% of gross monthly income. Based on Barb and Bob's financial data below, what is the maximum monthly mortgage payment for which they can qualify? Provide your calculations, explain your answer.

Monthly gross income

$5,000

Car payment

350

Student loan payment

200

6. If you purchase a $220,000 HOME and make a 20% down payment, how much would 1 point cost at closing? Provide your calculations, explain your answer.

7. The monthly payment on an 7%, 36-month, add-on loan for $10,000 would be?

Provide your calculations, explain your answer.

8.Clare's gross salary is $40,000 annually and her after-tax income is $30,800. What is Clare's maximum recommended monthly consumer credit payment? Provide your calculations, explain your answer.

9.If your monthly before-tax income is $2,000 and your monthly take-home pay is $1,500, your maximum monthly consumer credit payments should not exceed? Provide your calculations, explain your answer.

10.Haun and Mei have a home valued at $120,000 and an outstanding mortgage of $75,000. If their lender is willing to provide a home equity loan of up to 80% of market value, how much could they borrow using a home equity loan? Provide your calculations, explain your answer.