7.3 - Mortgage Application PracticeUsing the table, find the assessed value of the house in this classified ad.Structural Rates per Square FootFlat Rates1st floor over basement $3.001st floor over slab $2.252nd floor $2.25garage $1.00dormer $1.00barn $0.75deck $0.50shed $0.70vinyl-lined pool $0.75New Listing: Cape-Cod stylehome w/ 2 baths, 700 sq. ftfirst flr., upstairs 15 x 26dormer, 12 x 20 garage, gasheat, frpl, basement. Property1/2 acre plot w/ 5 x 12 shedand tennis court.$301Kland $1,000 per acre1st bathroom $0extra full bathroom $100half bathroom $50fireplace $125tennis court $375spa $125central air conditioning $200gas heat $700

The assessment of the value of a property is carried out to determine the property’s worth based on…

Answered: 3- Mortgage Application Practice Using…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Question Tom wishes to purchase a property that has been valued at $300,000. He has $30,000 available as require a mortgage for the remaining amount. The bank offers him a 25-year mortgage at 2% inter monthly payment. 7 Round your answer to the nearest cent. Do NOT round until you have calculated the final answer. Provide your answer below: $1476 8 5 9 6 X X X y X 30 i H *D
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12 Review the details of transaction for the purchase of a new primary residence and determine if the loan satisfies Fannie Mae guidelines? And why? notes: Closing Costs Prepaid Expenses Sales Price $ 160,000.00 $ 3,198.00 $3,050.00 Total $ 166,248.00 Mortgage Amount $ 152,000.00 $ 1,000.00 EMD Seller Pd Costs $6.400.00 Cash needed to close $6,848.00 Answer:
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A builder is offering $131,554 loans for his properties at 9 percent for 25 years. Monthly payments are based on current market rates of 9.5 percent and are to be fully amortized over 25 years. The property would normally sell for $140,000 without any special financing. Required: a. At what price should the builder sell the properties to earn, in effect, the market rate of interest on the loan? Assume that the buyer would have the loan for the entire term of 25 years. b. At what price should the builder sell the properties to earn, in effect, the market rate of interest on the loan if the property is resold after 10 years and the loan repaid? Complete this question by entering your answers in the tabs below. Required A Required B At what price should the builder sell the properties to earn, in effect, the market rate of interest on the loan? Assume that the buyer would have the loan for the entire term of 25 years. (Do not round intermediate calculations. Round your final answer to the…
ACTION - CH 08 Quiz i 3 8.5 points eBook References Problem 8-34 (LO 8-1, 8-2) Kelvin owns and lives in a duplex. He rents the other unit for $730 per month. He incurs the following expenses during the current year for the entire property: Mortgage interest Property taxes Utilities Fixed light fixture in rental unit Fixed dishwasher in personal unit Painted entire exterior Insurance Depreciation (entire structure) Required: How are the above income and expenses reported on Kelvin's tax return? Note: Enter Schedule E expense as a negative number. Income Mortgage interest Property taxes Utilities Fix light (rental) Fix dishwasher Paint exterior Insurance Depreciation Personal $ 7,400 1,920 1,480 90 230 1,040 1,800 6,300 Schedule A Saved Schedule E
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10. A furniture company allows customers to purchase household furnishings with an in-store loan, pay with cash or a credit card, or Rent-To-Own with a lease agreement. A customer chooses furniture worth $3,225.00 including tax and chooses to Rent-To-Own. Rent to Own Furniture Warehouse ● ● No down payment is required. The monthly lease payment is $156.99 for 2 years. a. Calculate the total cost to own the furniture using the Rent-To-Own option. b. What the amount of the finance charge on this purchase? Caza O OM3:TMB
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Question Completion Status: O $255,243,325.72 QUESTION 2 Ann found an apartment that costs $800,000 to buy. She will make a $100,000 down payment and get a mortgage for $700,000. The mortgage will be a fully amortizing 30-year fixed rate mortgage at 4.25% with monthly payments and monthly compounding. The following 6 questions will use this information above (round all answers 2 decimal places. do not inclue commas or dollar signs in responses. enter percentages as whole numbers i.e. 4.952% should be entered as 4.95) a) What is Ann's Loan to Value when she gets the Loan? 87.5 b) What will Ann's monthly mortgage payment be? c) What will be the balance on Ann's mortgage after the 7th monthly payment d) How many dollars is Ann paying in interest in her 8th monthly mortgage payment? e) How many dollars of Ann's 8th monthly mortgage payment will be principal? f) What is the total sum of all cash flows that Ann will pay the bank over the entire life of the loan, assuming she keeps the loan…

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