Homework Answers
4.
| Calculate the amount of loan installment as follows |
| Period of repayment is 30 years |
| rate of interest is 5% |
| mortgage loan amount is $220000 |
| Monthly Installment =( Loan amount/1000)*5.37 (table value for 30years at 5%) |
| Monthly Installment =(220000/1000)*5.37 |
| Monthly Installment = $1181.40 |
| Total Monthly Charge = Monthly Installment + Property taxes = $1181.40+(1800/12) = $1181.40+150 = 1331.40 |
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4. Ben and Carla Covington plan to buy a condominium. They
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Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable hom...
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Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price...
Estimate the affordable monthly mortgage payment, the affordable
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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...
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mortgage amount, and the affordable home purchase price for the
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time value factor to 2 decimal places, intermediate and final
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Other debt (monthly payment)
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Monthly estimate for property taxes and insurance
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30-year loan
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