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 $228,000, 20-year mortgage...
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. 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...
Problem 9-7 Calculating the Monthly Housing Payment [LO9-4) Ben and Carla Manchester plan to buy a condominium. They will obtain a $205,000, 20-year mortgage at 5.5 percent. Their annual property taxes are expected to be $2,088. Property Insurance is $1,548 a year, and the condo association fee is $55 a month. Based on these items, determine the total monthly housing payment for the Manchesters. Use Exhibit 9.9. (Round time value factor to 2 decimal places and final answer to the...
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...
Javier just bought a condominium in College-town, USA. His $90,000 mortgage is 12% compounded monthly, and Javier will make monthly payments on his loan for 28 years. In addition, property taxes and title insurance amount to $350 per month. a. What is the total mortgage-related amount of Javier's monthly condo payment? b. Assume that Javier's total monthly expenses for his condominium are as follows: maintenance expenses are $300, utilities expenses are $400, condo homeowner association fees are $100. What are...
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...
Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation. Use Exhibit 7-6. Exhibit 7-7. (Round your intermediate and final answers to the nearest whole dollar.) Monthly gross income Other debt (monthly payment) 15-year loan at Down payment to be made (percent of purchase price) Monthly estimate for property taxes and insurance $3,498 25e 6 percent 15 percent 180 Affordable monthly mortgage payment Affordable mortgage amount Affordable home purchase Exhibit...