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BUS 3302 EXAM 2 POTTS PERSONAL FINANCE QUESTIONS WITH CORRECT ANSWERS

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BUS 3302 EXAM 2 POTTS PERSONAL FINANCE QUESTIONS WITH CORRECT ANSWERS

Institution
BUS 3302
Course
BUS 3302

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Under the Truth in Lending Act, your maximum financial loss due to a lost or stolen
credit card is?


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Limited to $50




A single taxpayer may

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Exclude up to $250,000 of the capital gain every time he or she sells
a home as long as they have lived in the home for a period of 2 years




Adjustable rate mortgages


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Impose higher risk on the borrower, but lower initial interest
payments




In receiving a credit application, lenders often look for


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Character, capital, history




In most situations, it is inadvisable to purchase a service contract because


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The cost exceeds the expected benefits




Your take home pay is $3,000 per month. Assuming a 5% mortgage rate and 30 year
loan, what is the maximum PITI loan you could afford? Assume the insurance is $100

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Institution
BUS 3302
Course
BUS 3302

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