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 O $155,616 O $148,445

Suppose you earn a gross income of $2,920.00 per month and apply for a mortgage with a monthly PITI of $908.12. You have other financial obligations totaling $169.36 per month.   If the lending ratio guidelines are as given in the table below, what type of mortgage, if any, would you qualify for?     Mortgage Type Housing Expense Ratio Total Obligations Ratio FHA 29% 41% Conventional 28% 36%   A. FHA only B. Conventional only     C. FHA and Conventional D. None of the above

You can afford a $1000 per month mortgage payment. You've found a 30 year loan at 7% interest. a) How big of a loan can you afford? %24 b) How much total money will you pay the loan company? c) How much of that money is interest? %24

Given a mortgage of $48,000 for 15 years with a rate of 11%, what are the total finance charges? (Use Table 15.1 in the textbook for the factor.)      A. $54,576 B. $50,236.80 C. $5,023.68 D. $545.76

Suppose you purchase a home and obtain a 15-year fixed-rate loan of $195,000 at an annual interest rate of 6.0%.   a) What is your monthly payment?       N:  months I %:  P.V: $ PMT: $ F.V: 0 P/Y: 12 C/Y: 12       b) Of the first month's mortgage payment, how much is interest?  HINT:  I=Prt   Interest: I=$       c) Of the first month's mortgage payment, how much is applied to the principal? HINT: PMT - Interest   Amount Applied to Principal: $        d) How much is your outstanding balance after the first month’s payment?  HINT: Principal - Amount Applied to Principal   Outstanding Balance after first payment: $

You want to take out a $250,000 mortgage (home loan). The interest rate on the loan is 5% and the loan is for 25 years. How much will your semi- monthly payments be? a. $655 $622 c. $730 O d. $680 e. $752 O b.

You get a $550,000 mortgage loan with 1¼ points. What dollar amount do you pay for points?

You can afford a $1050 per month mortgage payment. You've found a 30 year loan at 8% interest.a) How big of a loan can you afford?$b) How much total money will you pay the loan company?$c) How much of that money is interest?$

Your current mortgage payment is $1,558.50 per month, with a balance of $217,800. Suppose you have a chance to refinance at a certain bank with a 30-year, 5.75% mortgage. The closing costs of the loan are application fee, $90; credit report, $165; title insurance, 0.4% of the amount financed; title search, $360; and attorney's fees, $570.   a) Calculate the total refinance closing cost (in $). (Round your answer to the nearest cent.)

The Becker family is getting a home loan to finance a $260,000 mortgage. While looking for a mortgage, they found two alternatives: Mortgage A 30-year loan with an interest rate of 3.611% and a monthly payment of $1,184. Mortgage B 15-year loan with an interest rate of 2.7% Recall: Loan Payment Formula.png| A. Calculate the total amount paid for Mortgage A. B. Calculate the total interest paid for Mortgage A. C. Calculate the monthly payment for Mortgage B. D. Calculate the total amount paid for Mortgage B. E. Calculate the total interest paid for Mortgage B. F. Write a two or more sentences giving the Becker family some advice about which mortgage to choose. G. Why might the Becker family not take your advice from part c)? Answer in one or two sentences.