Calculate the housing expense ratio and the total obligation ratio (in %) for the following mortgage applicat o two decimal places.) Applicant Emerson Monthly Monthly Other Monthly PITI Gross Income Expense $2,700 $633 Financial Obligations $270 Housing Expense Ratio (%) % Total Obligations Ratio (%) %

Calculate the housing expense ratio and the total obligation ratio (in %) for the following mortgage applicat o two decimal places.) Applicant Emerson Monthly Monthly Other Monthly PITI Gross Income Expense $2,700 $633 Financial Obligations $270 Housing Expense Ratio (%) % Total Obligations Ratio (%) %

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Similar questions

A mortgage applicant who has a monthly gross income of $4,285.00 applies for a mortgage with monthly PITI of $1,542.60. The applicant's other financial obligations total $231.39 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?
For the appraised Valve Appraised Nice 356,700 Second Mortgage Application Calculate the percentage and potential Credit? Lenders 75% 1st Percentage of Approved Value Balance of first Mortgage 194, 500 OF Potential credit) in (1)
Subject: acc
Using this table as needed, calculate the required information for the mortgage. Number Table Total Monthly Payment (in $) Term Amount Interest of Loan of $1,000s Factor Interest Financed Rate (years) Financed (in $) (in $) $85,500 8.00% 30 %24 %24 %24
Calculate the housing expense ratio and the total obligation ratio (in %) for the following mortgage applications. (Round your answers t Monthly Gross Income Monthly PITI Other Monthly Financial Obligations Housing Expense Ratio (%) Total Obligations Ratio (%) Applicant Expense Emerson $2,900 $777 $290 %
As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI (in $), using this table and the monthly PITI (in $) for the mortgage. (Round dollars to the nearest cent.) AmountFinanced InterestRate Termof Loan(years) MonthlyPI AnnualPropertyTax AnnualInsurance MonthlyPITI $220,000 7.50% 25 $ $6,543 $2,156 $
Calculate the housing expense ratio and the total obligation ratio (in %) for the following mortgage applications. (Round your answers to two decimal places.) Applicant MonthlyGrossIncome MonthlyPITIExpense Other MonthlyFinancialObligations HousingExpenseRatio (%) TotalObligationsRatio (%) Emerson $2,700 $633 $270 % %
Make an amortization table to show the first two payments for the mortgage. Amount of Annual interest rate Years in mortgage Monthly payment mortgage $402,593 5.00% 35 S2031.84 Monthly End-of-month Month Interest Principal payment principal 1 $2031.84 2 $2031.84 (Round to the nearest cent as needed.)
For the second mortgage application, calculate the percentage of appraised value and the potential credit (in $). Percentage of Percentage Appraised Value (in $) First Mortgage Potential Appraised Value Lender's Balance of Credit (in $) $127,500 70% $ $53,200 $ %24 %24
Calculate the housing expense ratio and the total obligation ratio (in %) for the following mortgage applications. (Round your answers to two decimal places.) Applicant MonthlyGrossIncome MonthlyPITIExpense Other MonthlyFinancialObligations HousingExpenseRatio (%) TotalObligationsRatio (%) Martin $3,700 $705 $720 % %
Calculate the housing expense ratio and the total obligation ratio (in %) for the following mortgage applications. (Round your answers to two decimal places.) Other Monthly Housing Expense Ratio (%) Monthly Monthly Total Applicant Financial Obligations Ratio (%) Gross PITI Income Expense Obligations Martin $3,300 $805 $840 % %

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