A couple found a house selling for $112,500. The taxes on the house are $1300 per year, and insurance is $320 per year. They are requesting a conventional loan from the local bank. The bank is currently requiring a 15% down payment and 3 points, and the interest rate is 10%. The couple's gross monthly income is $4750. They have more than 10 monthly payments remaining on a car, a boat, and furniture. The total monthly payments for these items is $430. Their bank will 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 g) below. a) Determine the required down payment. The required down payment is $ 16,875. b) Determine the cost of the 3 points. The cost of the three points is $ 2869. (Round to the nearest dollar as needed.) c) Determine 28% of their adjusted monthly income. 28% of their adjusted monthly income is S (Round to the nearest dollar as needed.)

A couple found a house selling for $112,500. The taxes on the house are $1300 per year, and insurance is $320 per year. They are requesting a conventional loan from the local bank. The bank is currently requiring a 15% down payment and 3 points, and the interest rate is 10%. The couple's gross monthly income is $4750. They have more than 10 monthly payments remaining on a car, a boat, and furniture. The total monthly payments for these items is $430. Their bank will 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 g) below. a) Determine the required down payment. The required down payment is $ 16,875. b) Determine the cost of the 3 points. The cost of the three points is $ 2869. (Round to the nearest dollar as needed.) c) Determine 28% of their adjusted monthly income. 28% of their adjusted monthly income is S (Round to the nearest dollar as needed.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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