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FP/101 FP101 FP 101 Week 9 FINAL EXAM


FP 101 Week 9 FINAL EXAM 1. A brand-new car depreciates by what percentage of its purchase price as soon as you drive it off the lot? 2. If you cannot afford the payments to purchase the new car you want, what should you consider doing? 3. When financing a car, Suze suggests not financing for longer than how many years? 4. Buying a home can be smart if you are planning to keep it for at least how long? 5. Suze recommends that your mortgage, property tax, and insurance should not exceed ______ % of your gross monthly income. 6. According to Suze, what should you be sure to have in place before buying a home? 7. If you put down less than 20% on a home purchase, which of the following will you need to pay? 8. Given today’s low interest rates, what is the best long-term mortgage? 9. Under what circumstances does it make sense to refinance your home? 10. When do you get the most benefit from the mortgage interest credit on your income tax?


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