Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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- 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?arrow_forwardFor 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)arrow_forwardUsing 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 %24arrow_forward
- 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 %arrow_forwardAs 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 $arrow_forwardCalculate 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 % %arrow_forward
- 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.)arrow_forwardFor 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 %24arrow_forwardCalculate 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 % %arrow_forward
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