Sharon Fox decided to buy a home in Marblehead, Massachusetts, for $265,000. Her bank requires a 25% down payment. Sue Willis, an attorney, has notified Sharon that besides the 25% down payment there will be the following additional costs: (Use Table 15.1.) Recording of the deed A credit and appraisal report Preparation of appropriate documents $ 20.00 145.00 38.00 Other closing expenses include a transfer tax of 1.5% of the purchase price and a loan origination fee of 3.0% of the mortgage amount Assume a 30-year mortgage at a rate of 9.5%. . What is the initial amount of cash Sharon will need? (Do not round intermediate calculations. Round your answer to the nearest cent.) Initial amount o. What is her monthly payment? (Do not round intermediate calculations. Round your answer to the nearest cent.) Monthly payment

Sharon Fox decided to buy a home in Marblehead, Massachusetts, for $265,000. Her bank requires a 25% down payment. Sue Willis, an attorney, has notified Sharon that besides the 25% down payment there will be the following additional costs: (Use Table 15.1.) Recording of the deed A credit and appraisal report Preparation of appropriate documents $ 20.00 145.00 38.00 Other closing expenses include a transfer tax of 1.5% of the purchase price and a loan origination fee of 3.0% of the mortgage amount Assume a 30-year mortgage at a rate of 9.5%. . What is the initial amount of cash Sharon will need? (Do not round intermediate calculations. Round your answer to the nearest cent.) Initial amount o. What is her monthly payment? (Do not round intermediate calculations. Round your answer to the nearest cent.) Monthly payment

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter2: Income Tax Concepts

Section: Chapter Questions

Problem 45P

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