Calculate the housing expense ratio and the total obligation ratio (in %) for the following mortgage applications. (Round your answers to two decimal places.) Applicant Monthly Gross Income Monthly PITI Expense Other Monthly Financial Obligations Housing Expense Ratio (%) Total Obligations Ratio (%) Emerson $2,900 $733 $290

Consider a 20-year mortgage for $194,811 at an annual interest rate of 5.3%. After 8 years, the mortgage is refinanced to an annual interest rate of 2.5%. What are the monthly payments after refinancing? Round your answer to the nearest dollar.

The credit card with the transactions described on the right uses the average daily balance method to calculate interest. The monthly interest rate is 1.5% of the average daily balance. Calculate parts a-d using the statement on the right. Transaction Description Previous balance, $6230.00 October 1 Billing date October 5 Payment October 7 Charge: Visit to Doctor October 12 Charge: Groceries October 21 Charge: Car Repairs October 31 End of billing period Payment Due Date: November 9 Transaction Amount a. Find the average daily balance for the billing period. Round to the nearest cent. The average daily balance for the billing period is $ (Round to the nearest cent as needed.) c. Find the balance due on November 1. The balance due on November 1 is $. (Use the answer from part b to find this answer.) $400.00 credit $30.00 $70.00 $260.00 b. Find the interest to be paid on November 1, the next billing date. Round to the nearest cent. The interest to be paid on November 1 is $ (Use the…

The principal is $3,000,000. Mortgage payments are paid monthly. Compare the mortgage payments for a 15-year( 2.25%)and 30-year(3%) fixed-rate mortgage.