Homework Answers
Given,
Mortgage amount = $ 205000 or $ 205 in thousands
Term = 20 years
interest rate = 5.5%
Annual property taxes = $ 2088
Annual property insurance = $ 1548
Monthly association fee = $ 55
Solution :-
As per exhibit 9-9, monthly payment per $1000 for 20 years mortgage with interest rate of 5.5% is $6.88
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Problem 9-7 Calculating the Monthly Housing Payment [LO9-4) Ben and Carla Manchester plan to buy a...
Ben and Carla Covington plan to buy a condominium. They will obtain a $228,000, 20-year mortgage...
Ben and Carla Covington plan to buy a condominium. They will obtain a $228,000, 20-year mortgage at 5.5 percent. Their annual property taxes are expected to be $1,400. Property insurance is $640 a year, and the condo association fee is $240 a month. Based on these items, determine the total monthly housing payment for the Covingtons. Use Exhibit 7-7. (Round your intermediate calculations and final answer to 2 decimal places.)
ben and carla Covington plan to buy a condominium. they will obtain a $229000, 20 year...
ben and carla Covington plan to buy a condominium. they will obtain a $229000, 20 year mortgage at 5 %. their annual property taxes are expected to be $1,550. property insurance is $630 a year, and the condo association fee is $250 a month. based on these items, determine the total monthly housing payment for the Covingtons.
apter 7 Homework Saved Help Save Cher Ben and Carla Covington plan to buy a condominium....
apter 7 Homework Saved Help Save Cher Ben and Carla Covington plan to buy a condominium. They will obtain a $229,000, 20-year mortgage at 5.0 percent Their annual property taxes are expected to be $1,550. Property insurance is $630 a year, and the condo association fee is $250 a month Based on these items, determine the total monthly housing payment for the Covingtons. Use Exhibit 7-Z (Round Tour intermediate calculations and final answer to 2 decimal places.) Total monthly housing...
Help Sevel Exit Submit Check my work Ben and Carla Covington plan to buy a condominium....
Help Sevel Exit Submit Check my work Ben and Carla Covington plan to buy a condominium. They will obtain a $226,000, 20 year mortgage at 70 percent. Their annual property taxes are expected to be $1,100. Property insurance is $660 a year, and the condo association fee is $220 a month. Based on these items, determine the total monthly housing payment for the Covingtons Use Exhbt7.7 (Round your intermediate calculations and final answer to 2 decimal places.) 83 onts Total...
4. Ben and Carla Covington plan to buy a condominium. They will obtain a $220,000, 30-year...
4. Ben and Carla Covington plan to buy a condominium. They
will obtain a $220,000, 30-year mortgage at 5 percent. Their annual
property taxes are expected to be $1,800.
tons. (LOT.2) 5. Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation (see Exhibit 7-6). (LO7.3) Down payment to be made-15 percent of purchase price Monthly gross income, $2,950 Other debt (monthly payment), $160 30-year loan at 6 percent Monthly...
https Exhibit 7-7 20 Years 15 Years 25 Yours 30 Years Tern Rate Mortgage Payment Factors (principal and interest...
https Exhibit 7-7 20 Years 15 Years 25 Yours 30 Years Tern Rate Mortgage Payment Factors (principal and interest factors per $1,000 of loan amount) $6.91 $5.55 $4.74 $4.22 3.0% 7.15 5.80 5.01 4.49 3.5 7 40 6.06 5.28 4.77 4.0 7.65 6.33 5.56 5.07 4.5 7.91 6.60 5.85 5.37 5.0 6.88 8.17 5.68 6.14 5.5 8.43 7.16 6.44 6.00 6.0 8.71 6.32 6.67 7.45 6.5 8.98 7.75 6.65 7.06 7.0 9.27 8.06 7.5 6.99 7.30 9.56 8.0 7.34 7.72...
25. A professor wants to buy a retirement condo in Arizona that can be purchased for...
25. A professor wants to buy a retirement condo in Arizona that can be purchased for $250,000. (a) She has $70,000 saved as a down payment. Show (or explain) why PMI is not required. The professor qualifies for a 3.00% fixed rate 15-year mortgage for $180,000. The principal and interest payment on this mortgage works out to be $1243 per month (without taxes, etc.) (b) Property tax is 1.5% of the property value per year. How much does this add...
25. A professor wants to buy a retirement condo in Arizona that can be purchased for...
25. A professor wants to buy a retirement condo in Arizona that can be purchased for $250,000. (a) She has $70,000 saved as a down payment. Show (or explain) why PMI is not required. The professor qualifies for a 3.00% fixed rate 15-year mortgage for $180,000. The principal and interest payment on this mortgage works out to be $1243 per month (without taxes, etc.) (b) Property tax is 1.5% of the property value per year. How much does this add...
Problem 9-2 Estimating a Monthly Mortgage Payment (L09-4) Estimate the affordable monthly mortgage payment, the affordable...
Problem 9-2 Estimating a Monthly Mortgage Payment (L09-4) Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation. (Refer to Exhibit 9-8 and Exhibit 9-9) (Round time value factor to 2 decimal places, Intermediate and final answers to the nearest whole number.) Monthly gross income Down payment to be made (percent of purchase price) Other debt (monthly payment) Monthly estimate for property taxes and insurance 30-year loan $6,800 15 Percent...
Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price...
Estimate the affordable monthly mortgage payment, the affordable
mortgage amount, and the affordable home purchase price for the
following situation. (Refer to Exhibit 9-8 and Exhibit 9-9) (Round
time value factor to 2 decimal places, intermediate and final
answers to the nearest whole number.)
Monthly gross income
$
3,450
Down payment to be made (percent of purchase price)
20
Percent
Other debt (monthly payment)
$
220
Monthly estimate for property taxes and insurance
$
280
30-year loan
7.0
Percent
Affordable...
apter 7 Homework Saved Help Save Cher Ben and Carla Covington plan to buy a condominium. They will obtain a $229,000, 20-year mortgage at 5.0 percent Their annual property taxes are expected to be $1,550. Property insurance is $630 a year, and the condo association fee is $250 a month Based on these items, determine the total monthly housing payment for the Covingtons. Use Exhibit 7-Z (Round Tour intermediate calculations and final answer to 2 decimal places.) Total monthly housing...
Help Sevel Exit Submit Check my work Ben and Carla Covington plan to buy a condominium. They will obtain a $226,000, 20 year mortgage at 70 percent. Their annual property taxes are expected to be $1,100. Property insurance is $660 a year, and the condo association fee is $220 a month. Based on these items, determine the total monthly housing payment for the Covingtons Use Exhbt7.7 (Round your intermediate calculations and final answer to 2 decimal places.) 83 onts Total...
4. Ben and Carla Covington plan to buy a condominium. They
will obtain a $220,000, 30-year mortgage at 5 percent. Their annual
property taxes are expected to be $1,800.
tons. (LOT.2) 5. Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation (see Exhibit 7-6). (LO7.3) Down payment to be made-15 percent of purchase price Monthly gross income, $2,950 Other debt (monthly payment), $160 30-year loan at 6 percent Monthly...
https Exhibit 7-7 20 Years 15 Years 25 Yours 30 Years Tern Rate Mortgage Payment Factors (principal and interest factors per $1,000 of loan amount) $6.91 $5.55 $4.74 $4.22 3.0% 7.15 5.80 5.01 4.49 3.5 7 40 6.06 5.28 4.77 4.0 7.65 6.33 5.56 5.07 4.5 7.91 6.60 5.85 5.37 5.0 6.88 8.17 5.68 6.14 5.5 8.43 7.16 6.44 6.00 6.0 8.71 6.32 6.67 7.45 6.5 8.98 7.75 6.65 7.06 7.0 9.27 8.06 7.5 6.99 7.30 9.56 8.0 7.34 7.72...
25. A professor wants to buy a retirement condo in Arizona that can be purchased for $250,000. (a) She has $70,000 saved as a down payment. Show (or explain) why PMI is not required. The professor qualifies for a 3.00% fixed rate 15-year mortgage for $180,000. The principal and interest payment on this mortgage works out to be $1243 per month (without taxes, etc.) (b) Property tax is 1.5% of the property value per year. How much does this add...
25. A professor wants to buy a retirement condo in Arizona that can be purchased for $250,000. (a) She has $70,000 saved as a down payment. Show (or explain) why PMI is not required. The professor qualifies for a 3.00% fixed rate 15-year mortgage for $180,000. The principal and interest payment on this mortgage works out to be $1243 per month (without taxes, etc.) (b) Property tax is 1.5% of the property value per year. How much does this add...
Problem 9-2 Estimating a Monthly Mortgage Payment (L09-4) Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation. (Refer to Exhibit 9-8 and Exhibit 9-9) (Round time value factor to 2 decimal places, Intermediate and final answers to the nearest whole number.) Monthly gross income Down payment to be made (percent of purchase price) Other debt (monthly payment) Monthly estimate for property taxes and insurance 30-year loan $6,800 15 Percent...
Estimate the affordable monthly mortgage payment, the affordable
mortgage amount, and the affordable home purchase price for the
following situation. (Refer to Exhibit 9-8 and Exhibit 9-9) (Round
time value factor to 2 decimal places, intermediate and final
answers to the nearest whole number.)
Monthly gross income
$
3,450
Down payment to be made (percent of purchase price)
20
Percent
Other debt (monthly payment)
$
220
Monthly estimate for property taxes and insurance
$
280
30-year loan
7.0
Percent
Affordable...
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