Jamal is building his first residence and has saved $15,000 that will be used as his down payment. The bank's requirement is 30%. The total cost of the house and land is $150,000. Mortgage Indemnity Insurance will cost 8%. How much more money does he need in order to qualify for the mortgage loan? What percent is he contributing? Select one: $30,000/15% B $30,000/$2,400 C $37,500/8 57% D. $52,500/7% Clear my choice

Conor is comparing two potential housing options. Conor plans to stay in the home for 4 years, after which he plans to move again. Conor earns 12% annually on his other investments. He determines the following information about each option: OPTION 1: Purchase a home • Purchase a $270,000 home with a 30-year fixed mortgage • Loan amount = $270,000 (100% financing) • Annual mortgage interest rate = 6.00% Monthly mortgage payments = $1,618.79 • Additional monthly costs (insurance, taxes, maintenance) = $350.00 • Real estate growth rate = 5% annually .

Liam had an extension built onto his home. He financed it for 48 months with a loan at 4.3% APR. His monthly payments were $780. How much was the loan amount for this extension? A. $48,077 B. $54,945 C. $41,209 D. $34,341

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Tobin is buying a new apartment. He can afford a mortgage payment of $1990 a month, and a down payment of $11000. He obtained a 16-year loan at 6.05% compounded monthly. Use Excel to determine what the most expensive apartment he can buy under these terms. How much will Tobin pay in interest over the 16-year years?   Apartment price = $ Interest paid = $

Suppose that you need $30,000 for your last year of college. You could go to a private lending institution and apply for a signature student loan; rates range from 7% to 14%. However, your Aunt Sally is willing to loan you the money from her retirement savings, with no repayment until after graduation. All she asks is that in the meantime you pay her each month the amount of interest that she would otherwise get on her savings (since she needs that to live on), which is 4%.What is your monthly payment to her, and how much interest will you pay her over the year (9 months)?(Fill in the blanks below and give your answers as whole numbers.)The amount of interest per month you would pay Aunt Sally is $__(1)__ .The total interest you will pay her over the year (9 months)is $__(2)__ .

Gerritt wants to buy a car that costs $27,000. The interest rate on his loan is 5.35 percent compounded monthly and the loan is for 5 years. What are his monthly payments?   Multiple Choice (select the correct answer) $511.58 $539.56 $496.74 $513.86 $524.73

Mary has found a beautiful home on Richmond Rd. that she loves.The price of the home is $285,000. If Mary and George qualify for a30-year loan at a fixed interest rate of 3.99%, can they afford thehome? (Hint: Don't forget about the down payment!)

Tom and Kyra Courtney are considering buying a house and are researching the potential costs. Their adjusted gross income is $144,000. The monthly mortgage payment for the house they want would be $1,450. The annual property taxes would be $9,400, and the homeowner’s insurance premium would cost them $876 per year. What is the front end ratio and will they be able to qualify?

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