Sales price = $375,000Interest Rate on 1st mortgage = 3.750%Interest Rate on fixed rate 2nd mortgage = 4.00%30-year fixed conventionalDown Payment = 10%Taxes = $400 monthlyHomeowners Insurance = $100 monthlyWhat is the PITI using both mortgages?Choices:$2,014.35$2,053.94$2,118.41$2,068.38

A mortgage payment is made up of principal, interest, taxes, and insurance (PITI). The principal…

Answered: Sales price = $375,000 Interest Rate on…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Suppose Bank A offers a $201,000, 20-year, 2.1% fixed rate mortgage with closing costs of $1900 plus 2 points. What are the closing costs associated with this mortgage? Answer to the nearest dollar.
Your bank offers the following options on a $100,000 mortgage: 1. A 15-year, 4% loan with no points 2. A 15-year, 3.5% loan, with 1.5 discount points.. The interest portion of the first payment (INT) is. for option 2. $333.33: $291,67 None of the above. O $4,000; $3,500 O $406.36; $423.21 for option 1, and
Consider a 30-year, fixed-rate mortgage for $120,000 at a nominal rate of 6% with monthly payments. If the borrower pays an additional $120 with each monthly payment, what will be the amount of the last monthly payment? A. $839.46 B. $357.77 C. $843.66 D. $419.85 E. $355.99 F. $420.90 G. $418.81 H. $841.55
Find the indicated amounts for the fixed-rate mortgages. Purchase price of home $160,000 SO 5.00% 30 Click the icon to view the table of the monthly payment of principal and interest per $1,000 of the amount financed. Down Mortgage Interest payment amount rate Years Monthly payment Mortgage paid for Total payment mortgage per $1,000 ICHHI The mortgage amount is S (Round to the nearest dollar as needed.) The monthly payment per $1,000 is S. (Round to the nearest cent as needed.) The monthly mortgage payment is S The total mortgage payment is S The total interest is $ (Round to the nearest cent as needed.) (Round to the nearest dollar as needed.) (Round to the nearest dollar as needed.) Interest paid
What is monthly monthly mortgage insurance premium for following FHA mortgage during the first year of the loan: • Gross loan amount including up-front mortgage insurance premium: $180,000 • Average balance of base loan amount in first year: $178,416 Annual premium rate for FHA mortgage insurance (paid monthly): 0.85% (Input your answer rounded to the nearest whole penny and without the $ sign, e.g., 1000.01).
Closing Costs Credit report Loan origination fee Attorney and notary Documentation stamp Processing fee $300.00 1% $500.00 0.50% $400.00 A. $225,650 B. $255,485 C. $221,000 D. $225,515 What is the total mortgage for a $260,000 purchase, a 15% down payment, and the closing costs shown in the table?
You get a 7.125% mortgage loan with front-end loan charges of $3,800. Will your APR be: (a) less than 7.125% (b) exactly 7.125% (c) greater than 7.125%
please show calculation for both clearly show mortgage schedule clearly answer in text without copy paste need complete and correct answer with full explanation
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
The difference between the monthly payments on a $120,000 mortgage at 6 ½% and at 8% for 25 years is: Multiple Choice $81.12 $151.02 $115.93 $91.12
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