John would like to move from the city into the suburbs and has been saving up a large down payment for a home. Which is the most cost effective way for John to buy a house in the suburbs?
Finish the term of his apartment lease in the city and find a new home to purchase simultaneously.
Jim is in the market for a car that will last for the next 10 years and has saved up some money for the purpose of a car. What’s the best transportation option for Jim?
Leasing a car
The biggest factor in determining the price of a mortgage is:
The total cost of the home.
Typically homes ___________ over time and cars ______________ over time.
appreciate; depreciate
What is a lease?
A contract outlining the terms under which a landlord agrees to rent property to a tenant.
Renting provides _________ flexibility but can lead to _________ costs in the long-term.
greater; higher
Jim wants to buy a car, but he’ll probably only need it for a couple of years. He has a short commute to work, so he won’t be putting many miles on his vehicle. What’s the best transportation option for Jim?
Lease the car
Which best describes the benefits of renting a home?
None of the above.
Which combination of factors would result in the lowest monthly mortgage payment?
Big down payment, a longer term loan, and low interest rate
Depreciating assets:
Become less valuable over time.
x

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