Please try not to answer if you are not going to answer both so that I can give my rating to someone else! Thank you!!!
.
.
Please try not to answer if you are not going to answer both so that I can give my rating to some...
Suppose you take out a 20-year mortgage for a house that costs $368851. Assume the following: · The annual interest rate on the mortgage is 4%. . The bank requires a minimum down payment of 14% at the time of the loan. The annual property tax is 2.2% of the cost of the house. The annual homeowner's insurance is 0.6% of the cost of the house. . · The monthly PMI is $78 Your other long-term debts require payments of...
Suppose you take out a 20-year mortgage for a house that costs $472858. Assume the following: The annual interest rate on the mortgage is 4%. The bank requires a minimum down payment of 20% at the time of the loan. The annual property tax is 2.1% of the cost of the house. The annual homeowner's insurance is 1.5% of the cost of the house. The monthly PMI is $70 Your other long-term debts require payments of $899 per month. If...
Suppose you take out a 20-year mortgage for a house that costs $465,110. Assume the following: The annual interest rate on the mortgage is 4%. The bank requires a minimum down payment of 13% at the time of the loan. The annual property tax is 2.3% of the cost of the house. The annual homeowner's insurance is 1.2% of the cost of the house. The monthly PMI is $66 Your other long-term debts require payments of $657 per month. If...
Suppose you take out a 20-year mortgage for a house that costs $476,114. Assume the following:• The annual interest rate on the mortgage is 5%.• The bank requires a minimum down payment of 13% at the time of theloan.• The annual property tax is 2% of the cost of the house. • The annual homeowner's insurance is 0.8% of the cost of the house.• The monthly PMI is $58• Your other long-term debts require payments of $960 per monthIf you...
Suppose you take out a 30-year mortgage for a house that costs $292710. Assume the following: The annual interest rate on the mortgage is 3.2%. . The bank requires a minimum down payment of 10% at the time of the loan The annual property tax is 2.2% of the cost of the house. The annual homeowner's insurance is 1.1% of the cost of the house. There is no PMI · If you make the minimum down payment, what will your...
Mortgage Analysis Part I You are planning to purchase a house that costs $480,000. You plan to put 20% down and borrow the remainder. Based on your credit score, you believe that you will pay 3.99% on a 30-year mortgage. Use the function “PMT” to calculate your mortgage payment. Calculate the total cost of the home purchase. (Down payment plus principal (loan amount) plus interest.) Calculate how much interest you will pay in total? Assume that you plan to pay...
Now, let's go house shopping. After a down payment of $20,000, you are approved to borrow $160,000 to purchase a home at an annual interest rate of 5%. 12) [3] Use the chart in the book (chapter 12) to determine your monthly payment for a 30-year mortgage. 13) [5] Find your (annual) property taxes if the assessment rate in the township is 50% and the tax rate based on assessed value is 30 mils. (Note: The value of the home...
Can Josh and Mia Afford This Home Using the Monthly Income Loan Criterion? Next week, your friends Josh and Mia want to apply to the Fourth Global Bank for a mortgage loan. They are considering the purchase of a home that is expected to cost $155,000. Given your knowledge of personal finance, they've asked for your help in completing the Home Affordability Worksheet that follows. (Note: When completing the form, round each dollar amount to the nearest whole dollar.) To assist in...
Can Abigail and Alexander Afford This Home Using the Installment Debt Loan Criterion? Next week, your friends Abigail and Alexander want to apply to the Third Universal Bank for a mortgage loan. They are considering the purchase of a home that is expected to cost $215,000. Given your knowledge of personal finance, they've asked for your help in completing the Home Affordability Worksheet that follows. (Note: When completing the form, round each dollar amount to the nearest whole dollar.) To...
I just need help in finding the answer for C. The Fritzes are buying a house that sells for $118,000. The bank is requiring a minimum down payment of 10%. To obtain a 20-year mortgage at 12.5% interest, they must pay 2 points at the time of closing a) Determine the required down payment. b) Determine the amount of the mortgage on the property with the 10% down payment. c) Find the cost of 2 points on the mortgage. a)...