A bank offers 35-year, $270,000 mortgages at 6.5 percent and charges a $4,500 refundable loan application fee. The current disclosure law requires that any fees that will be refunded if the applicant is rejected be included in calculating the APR. What is the APR that they are required to disclose? (Do not round intermediate calculations and round your final answers to 2 decimal places. (e.g., 32.16)) APR Insecurity Bank and Trust (Refundable) % %

A mortgage applicant who has a monthly gross income of $4,705.00 applies for a mortgage with monthly PITI of $1,411.50. The applicant's other financial obligations total $282.30 per month. If the lending ratio guidelines are as given in the table below, what type of mortgage, if any, would the applicant qualify for? Mortgage Type Housing Expense Ratio Total Obligations Ratio FHA 29% 41% Conventional 28% 36% O FHA only O Conventional only O FHA and Conventional O None of the above

I can purchase a 1-year Certificate of Deposit at a bank. The bank uses that deposit money to fund a 30-year mortgage loan. This is an example of (2 words)

Max Corp. sold goods for $36,000 on July 17, 2020, and accepted a 12%, 90-day note. On August 1, the note was sold to a bank at a 15% discount rate. Required: a. Compute the proceeds. Assume a 360-day year. b. If the maker dishonored the note at maturity, prepare the entry for Max Corp. assuming $75 of bank protest fees. If an amount box does not require an entry, leave it blank.

On 2019-03-23, xeniya deposits $814.22 in an account paying a simple interest rate 5.540%. Calculate the force of interest δ(t) on 2019-10-22. Use the daycount convention ACT/365.

A bank offers 35-year, $175,000 mortgages at 4.6 percent and charges a $3,600 refundable loan application fee. The current disclosure law requires that any fees that will be refunded if the applicant is rejected be included in calculating the APR What is the APR that they are required to disclose? (Do not round intermediate calculations and round your final answers to 2 decimal places. (e.g., 32.16)) APR Insecurity Bank and trust (Refundable) % %

A loan of $10,000 is taken out on November 7, 2020 at a simple interest rate of r = 9%. The loan will be paid back on May 11, 2021. If the bank uses ordinary interest (the Banker's Rule), how much interest is charged? a $450.00 b $456.16 c $443.84 d $462.50

A borrower has two alternatives for a loan: (1) issue a $360,000, 60-day, 5% note or (2) issue a $360,000, 60-day note that the creditor discounts at 5%. a. Compute the amount of the interest expense for each option. b. Determine the proceeds received by the borrower in each situation. c. Which alternative is more favorable to the borrower? Explain.