Homework Answers
Amount of mortgage loan = $155,000
Period of repayment = 20 years
Rate of interest = 7.5%
Table value @7.5% for 20 years = 8.06
Monthly loan payment = (loan amount/1000) * 8.06
= ($155,000/1000) * 8.06
= $1,249.3
Monthly property tax = $950/12 = $79.17
Monthly property insurance = $670/12 = $55.83
Condo association fee = $210
Total monthly housing payment = $1,249.3 + $79.17 + $55.83 +
$210
= $1,594.30
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https Exhibit 7-7 20 Years 15 Years 25 Yours 30 Years Tern Rate Mortgage Payment Factors (principal and interest...
Based on Exhibit 9-9, or using a financial calculator, what would be the monthly mortgage payments...
Based on Exhibit 9-9, or using a financial calculator, what would be the monthly mortgage payments for each of the following situations? (Round time value factor and final answers to 2 decimal places.) What relationship exists between the length of the loan and the monthly payment? How does the mortgage rate affect the monthly payment? Monthly Mortgage Payment a. $64,000, 15-year loan at 7.00 percent. $140,000, 30-year loan at 5.50 percent. $104,000, 20-year loan at 8.50 percent. d-1. Longer mortgage...
Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable hom...
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...
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...
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 dollar.)
Monthly gross income
$
4,700
Down payment to be made (percent of purchase
price)
20
percent
Other debt (monthly payment)
$
260
Monthly estimate for property taxes and
insurance
$
490
30-year loan
8.5...
3 You have a mortgage of $73,000 at 9.75% for 30 years. Find the monthly payment...
3 You have a mortgage of $73,000 at 9.75% for 30 years. Find the
monthly payment and the total interest. Use Table 14-1 and enter
the total interest as your answer.
TABLE 14-1 Monthly Payments to Amortize Principal and Interest per $1,000 Financed Interest Rate(%) 3.50 3.75 4.18 4.50 4.00 4.25 4.50 4.75 5.00 5.25 5.50 8.04 6.00 5.53 5.75 6.00 6.25 6.50 6.75 7.00 7.07 7.25 SO Monthly Payments (Necessary to amortize a loan of $1,000) 5 10 15...
11. The price of a townhouse is 225,000. The bank requires a 20% down payment and...
11. The price of a townhouse is 225,000. The bank requires a 20% down payment and two points at time of closing. The cost of the townhouse is financed with a 30-year fixed rate mortgage at 4.5%. (Round all answers to the nearest cent) (Monthly principal chart on next page) Find the required down payment. Find the amount of the mortgage. How much must be paid for the two points at closing? Find the monthly payment amount of mortgage 1000...
Costs associated with buying a house, condo, etc. The price of a home is $100,000. The...
Costs associated with buying a house, condo, etc. The price of a home is $100,000. The bank requires a 20% down payment and 2 points at time of closing. The cost of the loan is financed with 30-year fixed rate mortgage at 4.5%. A. Find the required down payment B. Find the amount of the mortgage C. How must be paid for the 2 points at closing (1 point = 1% mortgage ) D. Find the Monthly payment 1. amount...
Based on Exhibit 9-9, or using a financial calculator, what would be the monthly mortgage payments for each of the following situations? (Round time value factor and final answers to 2 decimal places.) What relationship exists between the length of the loan and the monthly payment? How does the mortgage rate affect the monthly payment? Monthly Mortgage Payment a. $64,000, 15-year loan at 7.00 percent. $140,000, 30-year loan at 5.50 percent. $104,000, 20-year loan at 8.50 percent. d-1. Longer mortgage...
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...
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...
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 dollar.)
Monthly gross income
$
4,700
Down payment to be made (percent of purchase
price)
20
percent
Other debt (monthly payment)
$
260
Monthly estimate for property taxes and
insurance
$
490
30-year loan
8.5...
3 You have a mortgage of $73,000 at 9.75% for 30 years. Find the
monthly payment and the total interest. Use Table 14-1 and enter
the total interest as your answer.
TABLE 14-1 Monthly Payments to Amortize Principal and Interest per $1,000 Financed Interest Rate(%) 3.50 3.75 4.18 4.50 4.00 4.25 4.50 4.75 5.00 5.25 5.50 8.04 6.00 5.53 5.75 6.00 6.25 6.50 6.75 7.00 7.07 7.25 SO Monthly Payments (Necessary to amortize a loan of $1,000) 5 10 15...
11. The price of a townhouse is 225,000. The bank requires a 20% down payment and two points at time of closing. The cost of the townhouse is financed with a 30-year fixed rate mortgage at 4.5%. (Round all answers to the nearest cent) (Monthly principal chart on next page) Find the required down payment. Find the amount of the mortgage. How much must be paid for the two points at closing? Find the monthly payment amount of mortgage 1000...
Costs associated with buying a house, condo, etc. The price of a home is $100,000. The bank requires a 20% down payment and 2 points at time of closing. The cost of the loan is financed with 30-year fixed rate mortgage at 4.5%. A. Find the required down payment B. Find the amount of the mortgage C. How must be paid for the 2 points at closing (1 point = 1% mortgage ) D. Find the Monthly payment 1. amount...
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