Question

QUESTION 16

1. A conforming loan is generally easier to get than a non-conforming or jumbo loan. As of 2018 and in most jurisdictions (exclude high-cost areas), what is the most you can borrow and still have a conforming loan?

5 points   

QUESTION 17

1. Suppose you receive a moderate amount of money and you decide to pay off some of your debts. Which debts should you try to pay off first?

   		The debt with the highest interest rate (often a credit card)
   		Mortgages
   		Make equal payments to every account
   		Student loans

5 points   

QUESTION 18

1. If you have a brokerage account and your brokerage goes out of business, which government-run organization will pay you insurance, and how much?  (enter the acronym),           (enter the number)

   If you have a checking account at a bank and your bank goes out of business, which government-run organization will pay you insurance, and how much?   (enter the acronym),       (enter the number)

5 points   

QUESTION 19

1. Select all of the items from the list below that can be itemized deductions on your personal tax return.

   		Charitable donations
   		Unreimbursed medical expenses
   		Rent on your personal apartment
   		Interest on a mortgage

Answer 1

16). The maximum loan limit for a conforming loan (excluding high-cost areas) is 510,400.

17). The debt with the highest interest rate should be paid off first as it will incur the most interest so credit card debt should be paid off first. (Usually it has the highest interest rate)

18). The organization is SIPC. It provides insurance cover of up to $500,000 of the brokerage firm's client's net equity.

The organization is FDIC. It provides insurance cover of up to $250,000.

19). Itemized deductions are:

charitable donations, unreimbursed medical expenses and interest on mortgage.