Question 25 (1 point) Sports car racer Jeff Horton and his wife Sarah are trying to figure out some of their financial statements. They will pay off their car loan in three years, their gross household income is $5,700 per month, and they receive $95 per month in interest income from their investments. They have listed the following items from their most recent statements. Savings account: $3,200 Checking account: $1,800 Credit card balance: $3,000 Car loan balance: $18,000 Car market value: $15,000 Furniture market value: $4,000 Stocks and bonds: $15,000 What is their Net Worth? What is their Net Worth? O 1) $21,000 O2) $39,000 03) $18,000 O 4) $(21,000) Question 26 (1 point) Using the Rule of 72, if it will take approximately 12 years for your money to double, at what annually compounded interest rate is it invested? 1) 6% 2) 8% 03) 9% 4) 12% Question 29 (1 point) Which of the following statements is/are correct regarding the CARD Act of 2009? 1. Credit card companies must provide the total cost and the time it will take to pay off the statement balance when making the minimum payment. 2. Individuals under the age of 21 may not qualify for a credit card unless they have proof of income or a cosigner. 3. Companies must apply consumer payments to cards with multiple balances to the lowest interest rate first. 1) 1 Only 2) 2 Only O 1) 1 Only O2) 2 Only 03.2009 3) 2 and 3 4) 1 and 2 5) 1,2, and 3 Question 30 (1 point) Saved Which of the following is not a recurring housing cost? 1) Mortgage payments O2) PITI O 3) Points 4) Maintenance and operating costs O 5) Homeowner's insurance Question 36 (1 point) Eli is lis reviewing his assets. He has cash, checking and savings accounts, and money market funds. These asset are best known as 1) monetary assets 2) tangible assets O 3) physical assets 4) investment assets