your bank also requires that the monthly mortgage payments include properety tax and homeowners insurance payments. if the property tax is 1,710 per year and the properety insurance is 1458 per year for (PITI) what is the total monthly payment in $?

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A: Loan is the value which is borrowed from the other sources like banks and this amount repaid later…

Q: You plan to purchase a $390,000 house using either a 30-year mortgage obtained from your local…

A: The question is based on the concept of Financial Management.

Q: Suppose you take out a 30-year mortgage for a house that costs $303,023. Assume the following: The…

A: A mortgage is a loan taken that has to be repaid in equal periodic installments. The monthly amount…

Q: Your bank offers the Bradys a 30 year mortgage with a rate of 5%. At that rate, the monthly payments…

A: Loan amount = $ 1000 Monthly payment = $ 5.37 Period = 30 Years Number of payments = 30*12 = 360

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A: Present Value of annuity refers to the present value of all the future payments of and series of…

Q: Suppose you obtain a 30-year mortgage loan of $196,000 at an annual interest rate of 7.9%. The…

A: To find the monthly payment for the mortgage, Property tax and fire insurance for 30 year loan of…

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A: The monthly payment of a loan refers to the regular payment of the amount for a fixed loan amount.…

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A: An Annuity is a stream of regular periodic payments made or received for a specified period of time…

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A: Formulae for present value is, Present value = Future value / (1+(r/n))t*n Where 'r' is rate of…

Q: You are looking to buy a $275,599.00 home in Haverhill. If Bank of America will give them a 30-year…

A: Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…

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A: Effective annual interest rate is the rate of interest actually earned due to compounding of…

Q: If you go to your bank and it grants you a lump sum loan today that requires monthly payments for a…

A: An Annuity is a series of payments of fixed amounts and at fixed intervals. When a loan is provided…

Q: Suppose you take out a 20-year mortgage for a house that costs $399,842. Assume the following: The…

A: Here,

Q: If I loaned 151,068 today and promised to pay it back after 5 years to the bank with monthly…

A: Given: Loan amount = 151,068 Year = 5 Interest rate = 9%

Q: The annual income of a borrower is $74,000.00. What is the maximum dollar amount he can borrow to…

A: Maximum amount to borrow = Remaining balance for monthly payments/ current mortgage rate

Q: A lender requires PMI that is 0.8% of the loan amount of $470,000. How much (in dollars) will this…

A: Working note:

Q: Bank America offers a stated annual interest rate of 5.0 percent, compounded quarterly, while Bank…

A: Bank America = 5% interest Bank USA= 5.10% interest Assume Present value $100

Q: Bank A pays 5% interest compounded annually on deposits, while Bank B pays 4.8% compounded monthly.…

A: Effective annual rate(EAR) is the rate that is actually earned or paid on investment or loan. It…

Q: If an entrepreneur applies for a loan amounting to ₱ 500,000 in a bank, the simple interest of which…

A: Simple interest = Principal * Rate of interest*Time Rate of interest = Simple…

Q: Suppose you obtain a 25- year mortgage loan of 191,000$ at an annual interest rate of 7.9%. The…

A: As per the time value of money, a dollar is worth more today than the same dollar in the future.…

Q: Bank America offers a stated annual interest rate of 5.0 percent, compounded quarterly, while Bank…

A: Given data; Bank America interest rate = 5% compounding frequency by Bank America = quarterly Bank…

Q: Suppose you take a 10-year mortgage for a house that costs $252,923. Assume the following: The…

A: mortgage amount =252923 Down payment =10% Down payment =25292.30 mortgage amount =252923-25292.30…

Q: Based on that size of loan and the $950 monthly payment, how much would they pay in interest on that…

A: The term mortgage refers to the loan taken from the bank against which the bank has collateral and…

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A: Journal entry: It is the duty of the accountant to record business economic and non-economic…

Q: If you borrow S20 000 as a five-year loan from the bank and the bank requires you to make…

A:

Q: A payday lender lends money on the following terms: “If I give you $100 today, you will write me a…

A: An interest method in which current interest is computed by multiplying the interest rate by the sum…

Q: In one instance, a financial institution loaned you $90,000 for two years at an APR of 3.75% for…

A: Computation:

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A: Annual rate (r) = 9.84% compounded annually Let the quarterly compounded rate = i Number of…

Q: San Juan Rural Bank is offering to the public their savings account scheme that pays 9.84%…

A: Interest rate = 9.84% We need to find annual rate which is quarterly compounded. Let the effective…

Q: You decide to purchase a building for $30,000 by paying $5,000 down and assuming a mortgage of…

A: The annual percentage rate (APR): It is the total interest expressed as percentage paid on an loan.

Q: You have $2,650 balance on your charge card, and the finance charge is 16.8% annually. You send in…

A: Borrowings are the liability of the company which is used to finance the requirement of the funds.…

Q: Suppose you take out a 20-year mortgage for a house that costs $286,205. Assume the following: The…

A: Rule 28% says that any persons total housing expenses could not be greater than 28% of gross salary.…

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A: Mortgage Amount (PV) = $105,250Interest rate (rate) = 10%Term of Mortgage = 25 yearsNumber of…

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A: We can find the value of the loan by using the PMT formula

Q: n annual interest of 4% on 2-year CDs and you deposit $10,000. What is your balance two years later?

A: Given, Annual interest rate , i = 4% No. of years, t = 2 Amount deposited, A = $10,000

Q: Western Bank offers you a $10,000, 6-year term loan at 7 percent annual interest. What is the amount…

A: Computation of annual Payment of the loan is shown below: Hence, the payment amount annually is…

Q: If I loaned 167,871 today and promised to pay it back after 5 years to the bank with monthly…

A: N  = 5*12 FV = 0 rate = 14%/12 PV = 167,871 use PMT function in Excel with type as 1

Q: Angus can obtain a residential mortgage loan from a bank at 7.00% compounded monthly. What is the…

A: given information interest rate = 7% = 0.07 compounded monthly  time period = 1 year

Q: If a Commercial Bank A offers its savers a 10.3% annual interest rate and pays interest annually,…

A: ASSUMING THE PRESENT VALUE (INVESTMENT)= 1000 FIND OUT FUTURE VALUE OF INVESTMENT    ANNUALLY…

Q: If a car is sold for P1,230,000 and the bank requires 15% downpayment, what is the amount of the…

A: Down-payment required: = P1,230,000 × 15% = P184,500

Q: You entered into a mortgage agreement to borrow $100,000 at an interest rate of 3% and to be…

A: Given: Amount borrowed=$100000Interest rate =3%Term of loan in year=30

Q: a. If the bank compounds interest annually, how much will you have in your account on January 1,…

A: Comment: The Question is Multipart, so SME will answer only three subparts. For the rest of the…

Q: It is now January 1, 20x8. Today you will deposit P100,000 into a savings account that pays 8%. a.…

A: As the compounding periods increase the interest amount increases thereby increasing the amount…

Q: You want to buy a $212,000 home. You plan to pay 15% as a down payment, and take out a 30 year loan…

A: a) Amount of down payment = cost of house * % of down payment

Q: Suppose you obtain a 30 year mortgage loan of 197,000$ at an annual interest rate of 8.1%. The…

A: Given Information: Mortgage loan = $197,000 Annual interest rate = 8.1% Annual property tax bill =…

Q: We assume that we have a secured a loan of $10,000 from a bank which will be paid in one year. The…

A: Loan: The duration of a loan, or the amount of time it takes for a loan to be repaid in full when…