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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eBook Question Content Area Time Value of Money Concept The following situations involve the application of the time value of money concept. Use the full factor when calculating your results. Use the appropriate present or future value table: FV of $1, PV of $1, FV of Annuity of $1 and PV of Annuity of $1 1. Janelle Carter deposited $9,840 in the bank on January 1, 2000, at an interest rate of 10% compounded annually. How much has accumulated in the account by January 1, 2017? Round to the nearest whole dollar. 2. Lee Spony made a deposit in the bank on January 1, 2010. The bank pays interest at the rate of 10% compounded annually. On January 1, 2017, the deposit has accumulated to $13,120. How much money did Lee originally deposit on January1, 2010? Round to the nearest whole dollar.
Auto insurance options offered by AA Auto Insurance are outlined in the table below. What monthly payment would you expect for an insurance polier through A Auto Insurance with the following options? Bodily Injury: S50/100,000 Property Damage: $100,000 Collison: S100 deductible Comprehensive: $100 deductible a.$845 b. $350 c. $7O d. $67
A man took out a $43,000 construction loan to remodel a house. The loan rate is 8.5% simple interest per year to be repaid in six months. How much is paid back? The man pays back $ Help Me Solve This Calculator Get More Help - Clear All Check Answer Convright 2021 Peareon Education Inc All riahte recerved Terms of Use Privary Poli Permicsions Contact Ile Type here to search 10:0 60°F 9/10 DOLL DII home end Insert delete %23 %24 & 7. 4. 8 R T Y 15 D H J. K L B
First-time homeowners often use FHA loans to finance their home. Go to fha-home-loans.com and find out the current requirements to qualify for an FHA loan. They may differ slightly from that described in the book because the underwriting requirements frequently change. Summarize the types of loans that are currently available. What is the highest loan-to-value ratio that you could obtain?
You take out a consumer loan at your credit union for new insulated windows for your house. The total installed cost is $8,900 of which you pay 16% down. The balance is to be paid in 48 equal monthly payments with a finance charge equal to 6.8% add-on interest on the outstanding balance. Find the monthly payment. OA S255,14 O B. S171.39 OC. 5198.11 O D. $211.27 QUESTION 7 Find the minimum cash investment for a FHA loan on a home in a low closing cost state costing $107,450 with closing costs of $650. OA $2960,18 OB. 53712.32 ০s3223.50 OD.53175.07
Purchase Costs Down payment Loan payment Estimated value at end of loan Opportunity cost interest rate Leasing Costs $ 1,500 $ 690 for 36 months $ 4,300 6 percent Security deposit Lease payment End of lease charges $ 1,130 $ 1,080 $400 for 36 months Based on the costs listed in the table above, calculate the costs of buying and of leasing a motor vehicle. Note: Round your answers to the nearest whole number. Buying and Leasing Total purchase cost Total leasing cost
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…
Discuss mortgage loans in terms of the time value of money and loan amortization. What important points should every homeowner know about how mortgages work? (Hint: Think about taxes and getting the mortgage paid off. Please explain this as simply as possible to me.
Calculating required down payment on home purchase. How much would you have to put down on a house costing $100,000 if the house had an appraised value of $105,000 and the lender required an 80 percent loan-to-value ratio?
Someone needs to borrow $13,000 to buy a car and the person has determined that monthly payments of $250 are affordable. The bank offers a 4-year loan at 8% APR, a 5-year loan at 8.5%, or a 6-year loan at 9% APR. Which loan best meets the person's needs? Explain. Question content area bottom Part 1 Which loan best meets the person's needs? (Round to the nearest cent as needed.) A. The third loan best meets the person's needs because the monthly payment of $ enter your response here is less than the maximum budgeted amount of $ per month. B. The first loan best meets the person's needs because the monthly payment of $ enter your response
View Policies Show Attempt History Current Attempt in Progress Your answer is incorrect. From the following list indicate which of the liabilities that would be classified as current. Type here to search a. Deferred revenue on a project that will be completed in 6 months Ob. Bank loan payable in 2 years c. Deferred income taxes Jury d. Pension liability e. The portion of a 10-year bank loan that is due this year f. Payroll deductions owing to the government g. A provision for warranty repairs related to a product with a 1-year warranty eTextbook and Media hp Assistance 27°C
Narrative 14-1For problems in this section, use Table 14-1 from your text to find the monthly mortgage payments, whennecessary. Refer to Narrative 14-1. You purchase a home for $69,750 at 6.75% for 30 years. The property taxes are $2,450per year, and the hazard insurance premium is $256 semiannually. Find the monthly PITI payment. Group of answer choices 699.51 $594.73 $1,059.40 $246.83

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