Bonus Homework Question: Ahome is being purchased for $175,000 requiring a 20% down payment. The titleinsurance premium is $400, the Document recording fee is S60, the Loan fee is two points, the Appraisal fee is $400, theprorated property tax is $685, and the prorated fire insurance premium is $295.a) Find the mortgage amountb) Calculate the loan feec) Calculate the total closing costsd) Find the total amount of cash required of the buy at closing (including down payment).*Please make sure to label each of these, so it's easy to understand what value goes with what is being asked"

“Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Bonus Homework Question: Ahome is being purchased for $175,000 requiring a 20% down payment. The title insurance premium is $400, the Document recording fee is s60, the Loan fee is two points, the Appraisal fee is $400, the prorated property tax is $685, and the prorated fre insurance premium is $295. a) Find the mortgage amount b) Calculate the loan fee c) Calculate the total closing costs d) Find the total amount of cash required of the buy at closing (including down payment). "Please make sure to label each of these, so it's easy to understand what value goes with what is being asked"

Bonus Homework Question: Ahome is being purchased for $175,000 requiring a 20% down payment. The title insurance premium is $400, the Document recording fee is s60, the Loan fee is two points, the Appraisal fee is $400, the prorated property tax is $685, and the prorated fre insurance premium is $295. a) Find the mortgage amount b) Calculate the loan fee c) Calculate the total closing costs d) Find the total amount of cash required of the buy at closing (including down payment). "Please make sure to label each of these, so it's easy to understand what value goes with what is being asked"

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter5: Making Automobile And Housing Decisions

Section: Chapter Questions

Problem 8FPE

See similar textbooks

Similar questions

Compound Interest Issues You are given the following situations: 1. Thomas Petty owes a debt of 7,000 from the purchase of a boat. The debt bears 12% interest payable annually. Thomas will pay the debt and interest in 5 annual installments beginning in 1 year. Calculate the equal annual installments that will pay off the debt and interest at 12% on the unpaid balance. 2. On January 1, 2019, John Cothran offers to buy Ruth Houses used tractor and equipment for 4,000 payable in 12 equal semiannual installments which are to include payment of 10% interest on the unpaid balance and payment of a portion of the principal with the first installment to be made on January 1, 2019. Calculate the amount of each of these installments. 3. Nadine Love invests in a 60,000 annuity at 12% compounded annually on March 1, 2019. The first of 15 receipts from the annuity is payable to Love on March 1, 2029, 10 years after the annuity is purchased and on the date Love expects to retire. Calculate the amount of each of the 15 equal annual receipts. Required: Using the appropriate tables, solve each of the preceding situations.
Please use BA II when possible. A pottery factory purchases a continuous belt conveyor kiln for $48,000. A 6.2% APR loan with monthly payments is taken out to purchase the kiln. If the monthly payments are $428.13, over what term is this loan being paid? A. 14 years B. 15 years C. 13 years D. 12 years
Here is the information that the purchasers have given you: Gross salary of Mr. Buyer: $98,000 Gross salary of Mrs. Buyer : $46,000 Yearly municipal taxes in this area: $5,400 Yearly school taxes in this area : $1,200 Annual heating and electricity costs: $2,400 Monthly car loan payments: $400 Credit card – Limit $5,000, Balance $0 (3% minimum) Nominal interest rate and amortization period: 3% and 20 years Qualification rate and amortization period: 5.5% and 25 years Debt Amortization Coeffic ats: Gross debt service ratio (GDSR): 32% Total debt service ratio (TDSR): 40% For the Down payment: Purchasers have been saving $1,000 per month for the past 10 years at a rate of 5% compounded monthly. The maturity of the investment comes to term at the end of the current month and they dispose of this amount for the purchase of their new property. CMHC insurance premium: The buyers do not want to subscribe to an insured mortgage loan and have the sufficient minimum funds to obtain a…
Stephen has just purchased a home for $128000 A mortgage company has approved his loan application for a 30-year fixed-rate loan at 4.75 %. Stephen has agreed to pay 30% of the purchase price as a down payment. Find the down payment, amount of mortgage, and monthly payment. LOADING... Click the icon to view the table of the monthly payment of principal and interest per $1,000 of the amount financed. Question content area bottom Part 1 The down payment is about? (Round to the nearest cent as needed.) Part 2 The mortgage amount is about? (Round to the nearest cent as needed.) Part 3 The monthly mortgage payment is about? (Round to the nearest cent as needed.)
Determine the purchase price of a new home if it was financed with a 10% down payment and payments of ₱539.59 per month for 30 years at 6% interest annually. Solutions manual only with formula, without using Microsoft Excel.
An installment contract for the purchase of a car requires payments of $217.43 at the end of each month for 6 years. Interest is 6% per annum compounded monthly. (a) What is the amount financed? (b) How much is the interest cost? Question content area bottom Part 1 (a) The amount financed is $enter your response here. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) Part 2 (b) The interest is $enter your response here. (Round the final answer to the nearest cent as needed.
to purchase a home a couple borrowed $280,000 at 5.1% compounded monthly for 25 years. after making 70 payments of $1653. 21 they plan to refinance at 4.2% compounded monthly for 15 years , with refinancing costs of $1100 added to the new loan. a) Find the amount refinance b) find the new monthly statement. c) If payments are $2000 per month on the refinance loan, how long will it take to pay off the loan? d) How much is saved in total by refinancing and making monthly payments of $ 2000 on the financing amount?
Problem #2. Your financed a $30,500 kitchen renovation project with 4.75% add-on interest installment loan for 24 month. The loan required 15% down payment. Show your work for all parts of the problem. (a) What is the finance charge on the loan? (b) What are the monthly payments? (c) What annual percentage rate is being charged on the loan?
Question content area top Part 1 American General offers a 8-year annuity with a guaranteed rate of 5.71% compounded annually. How much should you pay for one of these annuities if you want to receive payments of $1000 annually over the 8 year period? E-Loan, an online lending service, recently offered 48-month auto loans at 3.9% compounded monthly to applicants with good credit ratings. If you have a good credit rating and can afford monthly payments of $355, how much can you borrow from E-Loan? What is the total interest you will pay for this loan? The annual interest rate on a credit card is 13.99%. If a payment of $200.00 is made each month, how many months will it take to pay off an unpaid balance of $2,506.38? Assume that no new purchases are made with the credit card. It will take enter your response here months to pay off the unpaid balance. The annual interest rate on a credit card is 15.99%. If the minimum payment of $40 is made each month, how many…
PLEASE TYPE IT AND NOT HANDWRITTEN A living room set costs P68,000. The buyer pays P25,000 down payment and the balance will be paid by equal monthly installments for 18 months with an interest rate of 4% compounded monthly. Find the monthly payments and construct an amortization schedule.
2. Jason Bradley decided to buy a home for $271,000. His bank requires a 25% down payment. His attorney, has notified Jason that besides the 25% down payment there will be the following additional costs: Recording of the deed $266.00 A credit and appraisal report 1521.00 Preparation of appropriate documents 444.00 In addition, there will be a transfer tax of 1.5% of the purchase price and a loan origination fee of 3% of the mortgage amount. Assume a 30-year mortgage at a rate of 9.5%. a. What is the initial amount of cash Jason will need? (Do not round intermediate calculations. Round your answer to the nearest cent.) b. What is his monthly payment? c. What is the total cost of interest over the life of the mortgage? (Use the amortization worksheet in the financial calculator.
Larry purchased a gnu combined that cost 210,500, minus a rebate of 5500, a trade-in of 6500, and a down payment of 9000. he takes out a loan for the balance at 8% APR over four years. Find the annual payment.(simplify your answer completely. Round your answer to the nearest cent.)