1. Consumer Math Mastery test a
Chapter 4 Practice Test
Consumer Math
Mastery test a

2. Chapter 4 Practice Test
1. Eric’s income is $766 every two weeks. Use the renter’s rule to compute the most Eric should spend for rent each month. $766 ÷ 2 = $383 * Renters Rule: The renter’s rule says you should spend no more than one week’s income for a month’s rent.

3. Chapter 4 Practice Test
2. If Eric pays $375 for rent each month, what is his total rent paid in one year? $375 x 12 = $4500

4. Chapter 4 Practice Test
3. Ms. Burke earns $32,000 per year and plans to buy a house. Use the banker’s rule to determine her maximum allowable mortgage. $32,000 x 2.5 = $80,000 * Banker’s Rule: The banker’s rule says that you may borrow up to 2.5 times your annual income to buy a home.

5. Chapter 4 Practice Test
4. Leo wants to buy a house for $128,000 with a 20% down payment. How much will his down payment be? $128,000 x .20 = $25, What is the amount of the mortgage for Leo’s house? $128,000 - $25,600 = $102,400

6. Chapter 4 Practice Test
6. What is the monthly payment on an 8% 30-year mortgage for $68,000?
$7.34 x 68 = $499.12
7. Compute the total amount repaid on a mortgage for $70,000 at 9% for 35 years.
$7.84 x 70 = $548.80
$ x 420 = $230,496

7. Chapter 4 Practice Test
7614
8322
10. Compare the two electric meter readings above. How many units of electricity were used during the month of April?
8322 – 7614 = 708

8. Chapter 4 Practice Test
11. The natural gas rate is $0.72 per unit. A customer uses 158 units. How much is the bill? $0.72 x 158 = $ The monthly flat rate for Tim’s telephone is $ He is charged $1.85 for a long distance call and $1.76 for taxes. What is the total bill? $ $ $1.76 = $23.56

9. Chapter 4 Practice Test
13. Find Jessica’s utility expenses. The following amounts are due: Telephone, $18.56 Water, $2.73 Electricity, $39.92 Gas, $37.84 $ $ $ $37.84 = $99.04

10. Chapter 4 Practice Test
14. A wood frame house in Area A; its value is $56,800.
$56,800 x = $255.60
15. A brick house in Area B; its value is $98,000.
$98,000 x = $401.80