George and Peggy Fulwider bought a house from Sally Sinclair for $ 233 , 500 . In lieu of a 10 % down payment, Ms. Sinclair accepted 5 % down at the time of the sale and a promissory note from the Fulwiders for the remaining 5 % , due in four years. The Fulwiders also agreed to make monthly interest payments to Ms Sinclair at 10 % interest until the note expires. The Fulwiders obtained a loan from their bank for the remaining 90 % of the purchase price. The bank in turn paid the sellers the remaining 90 % of the purchase price, less a sales commission of 6 % of the purchase price, paid to the sellers’ and the buyers’ real estate agents. a. Find the Fulwidrs’ down payment. b. Find the amount that the Fulwiders borrowed from their bank. c. Find the amount that the Fulwiders borrowed from Ms. Sinclair. d. Find the Fulwider’s monthly interest-only payment to Ms. Sinclair. e. Find Ms. Sinclair’s total income from all aspects of the down payment (including the down payment, the amount borrowed under the promissory note, and the monthly payments required by the promissory note). f. Find Ms. Sinclair’s net income from the Fulwiders’ bank. g. Find Ms. Sinclair’s total income from all aspects of the sale.
George and Peggy Fulwider bought a house from Sally Sinclair for $ 233 , 500 . In lieu of a 10 % down payment, Ms. Sinclair accepted 5 % down at the time of the sale and a promissory note from the Fulwiders for the remaining 5 % , due in four years. The Fulwiders also agreed to make monthly interest payments to Ms Sinclair at 10 % interest until the note expires. The Fulwiders obtained a loan from their bank for the remaining 90 % of the purchase price. The bank in turn paid the sellers the remaining 90 % of the purchase price, less a sales commission of 6 % of the purchase price, paid to the sellers’ and the buyers’ real estate agents. a. Find the Fulwidrs’ down payment. b. Find the amount that the Fulwiders borrowed from their bank. c. Find the amount that the Fulwiders borrowed from Ms. Sinclair. d. Find the Fulwider’s monthly interest-only payment to Ms. Sinclair. e. Find Ms. Sinclair’s total income from all aspects of the down payment (including the down payment, the amount borrowed under the promissory note, and the monthly payments required by the promissory note). f. Find Ms. Sinclair’s net income from the Fulwiders’ bank. g. Find Ms. Sinclair’s total income from all aspects of the sale.
Solution Summary: The author calculates the Fulwiders' down payment, which is 11,675, and the amount that they borrowed from their bank.
George and Peggy Fulwider bought a house from Sally Sinclair for
$
233
,
500
. In lieu of a
10
%
down payment, Ms. Sinclair accepted
5
%
down at the time of the sale and a promissory note from the Fulwiders for the remaining
5
%
, due in four years. The Fulwiders also agreed to make monthly interest payments to Ms Sinclair at
10
%
interest until the note expires. The Fulwiders obtained a loan from their bank for the remaining
90
%
of the purchase price. The bank in turn paid the sellers the remaining
90
%
of the purchase price, less a sales commission of
6
%
of the purchase price, paid to the sellers’ and the buyers’ real estate agents.
a. Find the Fulwidrs’ down payment.
b. Find the amount that the Fulwiders borrowed from their bank.
c. Find the amount that the Fulwiders borrowed from Ms. Sinclair.
d. Find the Fulwider’s monthly interest-only payment to Ms. Sinclair.
e. Find Ms. Sinclair’s total income from all aspects of the down payment (including the down payment, the amount borrowed under the promissory note, and the monthly payments required by the promissory note).
f. Find Ms. Sinclair’s net income from the Fulwiders’ bank.
g. Find Ms. Sinclair’s total income from all aspects of the sale.
The Adeeva's gross monthly income is $6600. They have 18 remaining
payments of $350 on a new car. They are applying for a 30-year,
$250,000 mortgage at 6.5%. The taxes and insurance on the house are
$260 per month. The bank will only approve a loan that has a total monthly
mortgage payment of principal, interest, property taxes, and homeowners
insurance that is less than or equal to 28% of their adjusted monthly
income. Complete parts (a) through (c) below.
Click the icon to view the table of monthly payments.
a) Determine 28% of the Adeeva's adjusted monthly income.
$ (Round to the nearest cent.)
Tom and Linda have been approved for an $185,000,
15-year mortgage with an APR of 5.35%. What will
be their total interest for the 15 years?
Mr. Cruz obtained a 16-year mortgagee for 3,592,974. If this monthly payment is 17,520 how much is the total interest?
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