pose you take out a 20-year mortgage for a house that costs $440,800. Assume the following: The annual interest rate on the mortgage is 5%. The bank requires a minimum down payment of 17% at the time of the loan. The annual property tax is 1.7% of the cost of the house. The annual homeowner's insurance is 0.9% of the cost of the house. The monthly PMI is $52 Your other long-term debts require payments of $521 per month. If you make the minimum down payment, what is the minimum gross monthly salary you must earn in order to satisfy the 28% rule and the 36% rule simultaneously? Round your

pose you take out a 20-year mortgage for a house that costs $440,800. Assume the following: The annual interest rate on the mortgage is 5%. The bank requires a minimum down payment of 17% at the time of the loan. The annual property tax is 1.7% of the cost of the house. The annual homeowner's insurance is 0.9% of the cost of the house. The monthly PMI is $52 Your other long-term debts require payments of $521 per month. If you make the minimum down payment, what is the minimum gross monthly salary you must earn in order to satisfy the 28% rule and the 36% rule simultaneously? Round your

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 15P

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Suppose you take a 15-year mortgage for a house that costs $253,368. Assume the following: The annual interest rate on the mortgage is 4.4%. The bank requires a minimum down payment of 8% of the cost of the house. The annual property tax is 1.9% of the cost of the house. The annual homeowner's insurance is $844. The monthly PMI is $55. If you make the minimum down payment, what is the minimum gross monthly salary you must earn in order to satisfy the 28% rule? Round your answer to the nearest dollar.
Suppose you take out a 20-year mortgage for a house that costs $286,205. Assume the following: The annual interest rate on the mortgage is 4%. The bank requires a minimum down payment of 13% at the time of the loan. The annual property tax is 1.9% of the cost of the house. The annual homeowner's insurance is 1.2% of the cost of the house. The monthly PMI is $59 Your other long-term debts require payments of $777 per month. If you make the minimum down payment, what is the minimum gross monthly salary you must earn in order to satisfy the 28% rule and the 36% rule simultaneously? Round your answer to the nearest dollar.
Suppose you take a 10-year mortgage for a house that costs $252,923. Assume the following: The annual interest rate on the mortgage is 3.1%. The bank requires a minimum down payment of 10% of the cost of the house. The annual property tax is 1.4% of the cost of the house. The annual homeowner's insurance is $891. The monthly PMI is $91. Your other long-term debts require payments of $1,782 per month. If you make the minimum down payment, what is the minimum gross monthly salary you must earn in order to satisfy the 36% rule? Round your answer to the nearest dollar.
Suppose you take out a 30-year mortgage for a house that costs $303,023. Assume the following: The annual interest rate on the mortgage is 3.9%. The bank requires a minimum down payment of 17% at the time of the loan. The annual property tax is 1.8% of the cost of the house. The annual homeowner's insurance is 1.1% of the cost of the house. There is no PMI If you make the minimum down payment, what will your monthly PITI be? Round your answer to the nearest dollar.
Suppose you take out a 30-year mortgage for a house that costs 5490, 236. Assume the following: The annual interest rate on the mortgage is 3.6% The bank requires a minimum down payment of 18% at the time of the loan. The annual property tax is 2.2% of the cost of the house. The annual homeowner's insurance is 1.2% of the cost of the house. There is no PMI If you make the minimum down payment, what will your monthly PITI be?
Suppose you want to purchase a house. Your take-home pay is $⁢2830 per month, and you wish to stay within the recommended guidelines for mortgage amounts by only spending 1/4 of your take-home pay on a house payment. You have $⁢15,700 saved for a down payment and you can get an APR from your bank of 3.95%, compounded monthly. What is the total cost of a house you could afford with a 15-year mortgage? Round your answer to the nearest cent, if necessary.
Suppose you purchase a house using a 30-year fixed rate mortgage. The APR on the loan is 3.2% and you will be required to make monthly payments of $3,700 what is the price you paid for your home?
You purchase a $255,000 house and you pay 20 percent down. You obtain a fixed-rate mortgage where the annual interest rate is 5.85 percent and there are 360 monthly payments. What is the monthly payment? A) $1,215.27 B) $1,203.48 C) $1,194.45 D) $1,367.22 E) $1,504.35
Suppose you obtain a 30-year mortgage loan of 194,000$ at an annual interest rate of 8.4%. The annual property tax bill is $975 and the annual fire insurance premium is $484. Find the total monthly payment for the mortgage, property tax, and fire insurance. Round your answer to the nearest cent.
You pay $993 at the beginning of each month for rent. Instead, you are going to purchase a house. You are going to make a 14% down payment and the remainder will be paid through a 25 year mortgage with payments made at the beginning of each month. You may assume 6.08% compounded semi-annually as the rate of interest. How much money must you borrow for your mortgage?
You purchase a house for $188,938.00. You made a down payment of 20,000 and the remainder of the purchase price was financed with a mortgage loan. The mortgage loan is a 30-year mortgage with an annual interest rate of 5.64%. Mortgage payments are made monthly. What is the monthly amount of your mortgage payment?
Suppose your gross monthly income is $5,800 and your current monthly payments are $425. If the bank will allow you to pay up to 36% of gross monthly income (less current monthly payments) for a monthly house payment, what is the maximum loan you can obtain if the rate for a 30-year mortgage is 4.65%? (Round your answer to the nearest cent.) $