OL 301 5-3 Short Paper

6. Chos Financial Planning Exercise B eBook Chapter 5 Financial Planning Exercise Home affordability analysis Use Worksheet 5.3. Rachel and Alexander Harrison need to calculate the amount they can afford to spend on their first home. They have a combined annual income of $67,500 and have $37,000 able for a d payment and closing costs. The Harmsons estimate that homeowner's insurance and property taxes will be $225 per month. They expect the mortgage lender to use a 30 percent of monthly gros cone) mortgage Worksheet payment affordability ratie, to lend at an interest rate of 6 percent on a 30 year mortgage, and to require a 10 percent down payment. Based on this information, use the home affordability analysis form i 5.3 to determine the highest priced home the Harrisons can afford. Assume that closing costs are one-half of the down payment. Round the answer to the nearest dollar

Case 2: Patricia Chooses Among Alternative Mortgage Options Patricia Rafferty of Columbus, Ohio, has examined several options for new home financing. She has been favoring alternative mortgage plans because of the current high mortgage rates. Patricia hopes that the market will drop in a couple of years.  Top of FormWhat broad concerns are present with alternative mortgages?  What financing option would you suggest for Patricia, assuming she is able to use any type of mortgage available? Why?

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ok t nces Your friend Amber has approached you seeking advice concerning two investment opportunities that she is presently considering. Her classmate Simone has asked her for a loan of $500 to help establish a small business; her neighbor Riley would like to borrow $515 as a personal loan. One year from now, Amber's original investment will be returned in either case, along with $45 of income from Simone or $48 of income from Riley. Amber can make only one investment. Required: a. 1. Compute the ROI of Simone and Riley. 2. Which investment would you advise Amber to make? b. What other factors should you advise Amber to consider before making either investment? Complete this question by entering your answers in the tabs below. Req A1 Req A2 and B Compute the ROI of Simone and Riley. Note: Round your answers to 2 decimal places. Simone Riley ROI % % Show less A

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Question 4 Anne Murray is planning to buy a rental property, in addition to the family home she and Henry own. She is considering a property in Bristol costing £210,000. She has savings of £85,000 which she will use as a deposit but will need to borrow the remaining amount for the purchase.  She has had a fixed-rate mortgage agreed in principle by Royal East Bank, for which she will be charged 4.75% interest. She wants to know what income she might expect to get on her investment. Local agents have estimated that the monthly rent may be £1,450 per month, with agent’s fees for managing the property being charged at 5% of the rent.  Provide Anne with an estimate of the relevant costs of renting the property and the net rental income that she might expect to get.  Anne has estimates for some of the other costs she will incur as follows: Repairs and maintenance per year      £700 Property insurance per year                              £395 Mortgage arrangement fee £1950…

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Choose a Mortgage Loan Banks and other lending institutions offer a wide variety of mortgage loans that can be tailored to the financial situations of most people who want to buy a house. Several of the more common types of mortgage loans are described below. • Conventional fixed-rate mortgages charge the same rate of interest over the term of the loan. They typically require a substantial down payment of 20 percent or more of the home's purchase price and have terms that can last from 15 to 30 years. • Adjustable-rate mortgages charge an interest rate that initially is lower than that charged on a conventional fixed-rate mortgage. This rate, however, will be adjusted as prevailing interest rates change. They also require a substantial down payment and have terms that last from 15 to 30 years. Federal Housing Authority (FHA) mortgages are available to first-time homeowners at fixed interest rates that are normally similar to those charged on conventional fixed-rate mortgages. Because…

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Question 6 You want to purchase a new home for $670,000 using a mortgage that requires a maximum loan-to-value ratio of 85%. What is the minimum down payment you must make? Your Answer: Answer

Learn to make the right decision for your family. Realize that everyone in the transaction of you buying a house wants you to buy the biggest house you can afford. They make more money from the transaction when you buy more house than you can afford, but still qualify for. How much more interest will you pay on a 30 year mortgage versus a 15 year mortgage? Using the following values for average mortgage rates today, compare how much you will pay in interest over the life of the mortgage. 30 year mortgage. i = 2.98, n=30, $300,000 = mortgage value 15 year mortgage. i = 2.75, n=15, $300,000 = mortgage value   If you run the numbers, you will come out with $457,987 for the 30 year mortgage over 30 years and only $341.691 for the 15 year mortgage. Subtract the $300,000 from both numbers for the principal and you will have the interest only.

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Question 9 Read the problem carefully and use UPS Check to solve the problem. Show your mathematical thinking and record your final solution. Part of the agreement between your spouse and yourself for purchasing a larger house than you could currently afford was that you would build a garden and sell produce to make some extra money. Your plan is that the garden proceeds will cover 20% of your $1,500 mortgage payment for four months during the year. The Homeowner association has recently reinforced that 'food-production' space must be in the backyard and may not consume more that 20% of the backyard. If your backyard is 60' x 130', how many dollars per garden square foot will you need to average per production month in order to meet your planned mortgage reduction? Your answer: O $1.35 per square foot O $0.96 per square foot O $0.38 per square foot $0.19 per square foot

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Friend #3 – Home Mortgage Payment – I found my dream house in St. Paul but I am not sure I can afford it? I have the $15,000 for the down payment but it is the monthly payments that I am not sure about? What will my monthly payments be? Selling price: $215,000 Down payment: $15,000 Loan: 30-year $200,000 loan at 6% A. В.

Question a Tori is planning to buy a car. The maximum payment she can make is $3400 per year, and she can get a car loan at her credit union for 7.3%interest. Assume her payments will be made at the end of each year 1–4. If Tori’s old car can be traded in for $3325, which is her down payment, what is the most expensive car she can purchase? Full explain this question and text typing work only     We should answer our question within 2 hours takes more time then we will reduce Rating Dont ignore this lin

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Question 11 The cost of a home you want to purchase is $250,000.00. To qualify for a mortgage, your lender wants a 20% down payment. Your mortgage interest rate is 7% for 20 years and you have to pay 3 points. A. How much money do you need for the down payment? for the down payment. I need B. How much will your mortgage be? My mortgage amount will be C. How much will you have to pay for the points? I will have to pay D. What is the monthly payment? My payment will be E. By the end of the loan what will be the total of all your payments? By the end of the loan, the total of all my payment will be F. What is the total interest you will have paid on your mortgage by the end of the loan? I will have paid in interest by the end of the loan. Hint Check Answer for the 3 points. Hint a month. Hint Question Help: Video 1 Video 2 Message instructor

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