property tax should total no more tha total is more, then you are borrowing and income, have you borrowed too r Description Mortgage Payment Monthly PMI Monthly Property Tax Monthly Home Insurance Gross Monthly Income Dollars $1613.86 $11.30 $19.37 $6.46 $5284.44

ences Rental Costs. Annual rent Insurance Security deposit Buying Costs Annual mortgage payments Property taxes Insurance, maintenance Down payment, closing costs Growth in equity Estimated annual appreciation $ 7,520 152 1,050 Rental cost Buying cost Total Cost $ 10,600 ($ 9,606 is interest) 2,170 Assume an after-tax savings interest rate of 5 percent and a tax rate of 28 percent. a. Calculate the total rental cost and total buying cost. 1,920 4,500 994 3,000

I really need help with A & B.

Using the residential mortgage-debt to income ratio of 28%, and total-debt to income ratio of 36%, what is the largest loan (with a 30-year FRM at 6%) you can qualify for if you make $38,000 a year and have outstanding debt with $250/month payments? O $113,418 O $140,107 O $150,112 $155,616 O $148,445

Let's assume you finance your house through Wells-Fargo Bank. Below, please find the Truth-in-Lending Disclosure (TILD). Calculate Finance Charge, i.e., the dollar amount the credit will cost you at the end of the term. Amount Financed Annual Percentage Rate Term $350,000 5.0% 30 Years Taxes and Insurance per month (Escrow account set up by Wells-Fargo.) $430 $335,321.64 $326,395.24 O $373,125.82 O $426,825.60

ASAP PLZ ! You want to purchase a home for $747,555 in South Calgary. Your mortgage officer at BMO has informed you that the rate on mortgages is 2.50% compounded quarterly. You are a prudent saver and currently have $124,399 in your savings accounts. After legal and closing fees, you have $113,399 available for a down payment. The rest you must borrow from the bank. You believe that a thirty-five year amortization period will make the payments manageable. What are the monthly payments to meet the terms of the mortgage? (Hint don't lose decimals on the interest rate). $4,282.83 $2,670.39 $2,265.31 $2,838.71

13) Some financial advisors recommend that your monthly mortgage payment be no higher than 28% of your monthly net income. What is 28% of your monthly net income, as determined in question twelve? This is the estimated amount you can afford per month for a mortgage. 4,518*0.28 $1,265 28% of my monthly net income is $1,265. 14) We can calculate how much of a house you can afford using the loan formula. In question thirteen, you determined the monthly mortgage payment you can afford. Using this value for the regular monthly payment, calculate the present value (P), assuming you receive a 30-year mortgage (loan) with an annual interest rate of 6.328% with monthly compounding. (Note: This rate is realistic for a mortgage initiated in January 2024.) I need to use Loan formula to find the present value (P). please help me

Answer in the box is incorrect.

Suppose you obtain a 30 year mortgage loan of 197,000$ at an annual interest rate of 8.1%. The annual property tax bill is $967 and the annual fire insurance premium is 495$. Find the total monthly payment for the mortgage, property tax, and fire insurance.

9. Mortgage payments Mortgages, loans taken to purchase a property, involve regular payments at fixed intervals and are treated as reverse annuities. Mortgages are the reverse of annuities, because you get a lump-sum amount as a loan in the beginning, and then you make monthly payments to the lender. You’ve decided to buy a house that is valued at $1 million. You have $100,000 to use as a down payment on the house, and want to take out a mortgage for the remainder of the purchase price. Your bank has approved your $900,000 mortgage, and is offering a standard 30-year mortgage at a 12% fixed nominal interest rate (called the loan’s annual percentage rate or APR). Under this loan proposal, your mortgage payment will be    per month. (Note: Round the final value of any interest rate used to four decimal places.)   Your friends suggest that you take a 15-year mortgage, because a 30-year mortgage is too long and you will pay a lot of money on interest. If your bank approves a…