Chapter 14.I, Problem 22RE

BuyFind*arrow_forward*

8th Edition

Robert Brechner + 1 other

ISBN: 9781305585447

Textbook Problem

You are a real estate broker for Aurora Realty. One of your clients. Erica Heston, has agreed to purchase one of the homes your office has listed for sale for a negotiated price of $235,000. The down payment is

Appraisal fee | $215 |

Credit report | $65 |

Roof inspection | $50 |

Mongage insurance premium | of amount financed |

Title search | $125 |

Attorney's fees | $680 |

Escrow fee | $210 |

Prepaid interest | $630 |

As Erica’s real estate broker, she has asked you the following questions:

What is the total monthly PITI of the mortgage loan?

What is the total amount of interest that will be paid on the loan?

How much is due from Erica at the time of the closing?

If your real estate office is entitled to a commission from the seller of

**(a)**

To determine

**To calculate:** The total monthly PITI of the mortgage loan if the Principal amount is

Explanation

**Given Information:**

The Principal amount is

Erica must pay the following expenses,

Appraisal fee is

Attorney’s fees is

**Formula used:**

The following step are used to find the monthly mortgage payment by using an amortization table:

Step-1 Find the number of

Step-2 Using Table 14-1, locate the table factor, monthly payment per

Step-3 Calculate the monthly payment.

The total interest of the loan.

**Calculation:**

Consider the principle amount

**(b)**

To determine

**To calculate:** The interest paid over life of loan if the principal amount is

**(c)**

To determine

**To calculate:** The total amount of Interest that will be paid on the loan if the principal amount is

**(c)**

To determine

**To calculate:** The amount of commission made from the sale if real estate office is entitled to a commision from the selle of

Sect-14.I P-1TIESect-14.I P-2TIESect-14.I P-3TIESect-14.I P-4TIESect-14.I P-5TIESect-14.I P-1RESect-14.I P-2RESect-14.I P-3RESect-14.I P-4RESect-14.I P-5RE

Sect-14.I P-6RESect-14.I P-7RESect-14.I P-8RESect-14.I P-9RESect-14.I P-10RESect-14.I P-11RESect-14.I P-12RESect-14.I P-13RESect-14.I P-14RESect-14.I P-15RESect-14.I P-16RESect-14.I P-17RESect-14.I P-18RESect-14.I P-19RESect-14.I P-20RESect-14.I P-21RESect-14.I P-22RESect-14.II P-6TIESect-14.II P-7TIESect-14.II P-1RESect-14.II P-2RESect-14.II P-3RESect-14.II P-4RESect-14.II P-5RESect-14.II P-6RESect-14.II P-7RESect-14.II P-8RESect-14.II P-9RESect-14.II P-10RESect-14.II P-11RESect-14.II P-12RESect-14.II P-13RESect-14.II P-14RESect-14.II P-15RESect-14.II P-16RESect-14.II P-17RESect-14.II P-18RESect-14.II P-19RESect-14.II P-20RESect-14.II P-21RESect-14.II P-22RECh-14 P-1CRCh-14 P-2CRCh-14 P-3CRCh-14 P-4CRCh-14 P-5CRCh-14 P-6CRCh-14 P-7CRCh-14 P-8CRCh-14 P-9CRCh-14 P-10CRCh-14 P-11CRCh-14 P-12CRCh-14 P-13CRCh-14 P-14CRCh-14 P-1ATCh-14 P-2ATCh-14 P-3ATCh-14 P-4ATCh-14 P-5ATCh-14 P-6ATCh-14 P-7ATCh-14 P-8ATCh-14 P-9ATCh-14 P-10ATCh-14 P-11ATCh-14 P-12ATCh-14 P-13ATCh-14 P-14ATCh-14 P-15ATCh-14 P-16ATCh-14 P-17ATCh-14 P-18ATCh-14 P-19ATCh-14 P-20ATCh-14 P-21ATCh-14 P-22AT

Calculus (MindTap Course List)

Applied Calculus for the Managerial, Life, and Social Sciences: A Brief Approach

Mathematical Excursions (MindTap Course List)

Calculus: An Applied Approach (MindTap Course List)

Probability and Statistics for Engineering and the Sciences

Intermediate Algebra

Finite Mathematics

Essentials of Statistics for The Behavioral Sciences (MindTap Course List)

Multivariable Calculus

Finite Mathematics and Applied Calculus (MindTap Course List)

Elementary Geometry For College Students, 7e

Applied Calculus

Calculus: Early Transcendentals

Single Variable Calculus: Early Transcendentals, Volume I

Mathematical Applications for the Management, Life, and Social Sciences

Precalculus: Mathematics for Calculus (Standalone Book)

Statistics for The Behavioral Sciences (MindTap Course List)

Essentials Of Statistics

Elementary Technical Mathematics

Single Variable Calculus

Calculus: Early Transcendental Functions

Understanding Basic Statistics

Elements Of Modern Algebra

Calculus: Early Transcendental Functions (MindTap Course List)

Calculus of a Single Variable

Single Variable Calculus: Early Transcendentals

Trigonometry (MindTap Course List)

Finite Mathematics for the Managerial, Life, and Social Sciences

Study Guide for Stewart's Multivariable Calculus, 8th

Elementary Geometry for College Students

Study Guide for Stewart's Single Variable Calculus: Early Transcendentals, 8th

STATISTICS F/BUSINESS+ECONOMICS-TEXT

Research Methods for the Behavioral Sciences (MindTap Course List)

Research Methods for the Behavioral Sciences (MindTap Course List)

Statistics for Business & Economics, Revised (MindTap Course List)

Introduction To Statistics And Data Analysis

Mathematics For Machine Technology

Multivariable Calculus

Calculus (MindTap Course List)

College Algebra (MindTap Course List)