A young couple has saved up $12,000.00 for a down payment on a home. They are currently paying $1700.00 per month to rent a condo. The couple is pre-approved for a 20-year mortgage at 7.9% and their realtor estimates that they will need to set aside $3500.00 for taxes and other costs at the time of sale. Part: 0/4 Part 1 of 4 (a) What is the price of the most expensive home they can buy without raising their monthly housing payment? The maximum price of a home the couple can afford is

A young couple has saved up $12,000.00 for a down payment on a home. They are currently paying $1700.00 per month to rent a condo. The couple is pre-approved for a 20-year mortgage at 7.9% and their realtor estimates that they will need to set aside $3500.00 for taxes and other costs at the time of sale. Part: 0/4 Part 1 of 4 (a) What is the price of the most expensive home they can buy without raising their monthly housing payment? The maximum price of a home the couple can afford is

PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)

6th Edition

ISBN:9781337117005

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter13: Investing In Mutual Funds, Etfs, And Real Estate

Section: Chapter Questions

Problem 9FPE

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A couple buys a $190000 home, making a down payment of 17%. The couple finances the purchase with a 15 year mortgage at an annual rate of 3.88%. Find the monthly payment.$1157 ( This is what I came up with) I cant figure out how many payments if they increase it to 1200? If the couple decides to increase the monthly payment to $1200, find the number of payments.
Item 3 Christina Sanders is concerned about the financing of a home. She saw a small Cape Cod–style house that sells for $90,000. If she puts 10% down, what will her monthly payment be at (a) 30 years, 5%; (b) 30 years, 512%512% ; (c) 30 years, 6%; and (d) 30 years, 612%612% ? What is the total cost of interest over the cost of the loan for each assumption? (Round your answers to the nearest cent.)
Q1: An engineering graduate plans to buy a home. She has been advised that her monthly house and property tax payment should not exceed 34% of her disposable monthly income. After researching the market, she determines she can obtain a 25-year home loan for 6.95% annual interest per year, compounded monthly. Her monthly property tax payment will be approximately $175. What is the maximum amount she can pay for a house if her disposable monthly income is $2400?
You plan to purchase a house with the following information. Calculate the interest on the 127th payment. Price Years Down Payment Rate Payment Interest in 127th Payment Year Price Rate Down Payment $100,000.00 You plan to purchase a house using the following information. What is the dollar difference between the total interest paid for both mortga Total Interest Difference 30 20% 4.5% 30 $200,000 6.25% $40,000 15 $200,000 4.00% $40,000
Please answer all subparts with explanation. I know it's not according to your guidelines. Thanks I will really upvote
intum.com bmit For Score es Comments JFK G Pers BIFA O WIL Unit Activity: Mathematical Models and Consumer Finance en question is worth Space used (includes formatting): 0 / 15000 Edn G Whi ino Gise V AVV 三班三二三四 V V AE Part A Tiffany figures she can pay $1,000 a month for housing. She uses a mortgage calculator to figure out how big a mortgage she could afford. Tiffany sees that at current Interest rates, a $150,000 mortgage would be a payment of $800, and her estimated tax payment each month would be $100. Tiffany thinks she can easily afford the $900 total monthly payment. Describe three I costs she did not consider in her calculation. BIU X² X₂ 15px + Part B Frankie and Jenny want to buy a home in a particular neighborhood, but they have not found the perfect house yet. One problem they have is that they do not know how much they can afford to pay. What guidelines could give them an Idea? What help could a mortgage company give them? BIUX² X₂ 15px B 10 of 12 Apr 6 40 19 1:03 0 X…
A couple wants to purchase a new house and feel that they can afford a mortgage payment of $600 a month. They are able to obtain a 30-year 7.4% mortgage (compounded monthly) but must put down 20% of the cost of the house. Assuming that they have enough savings for the down payment, how expensive a house can they afford? The couple can afford a house that costs up to $ ☐ . (Round the final answer to the nearest dollar as needed. Round all intermediate values to six decimal places as needed.)
nces Ben and Carla Manchester plan to buy a condominium. They will obtain a $166,000, 30- year mortgage at 6.0 percent. Their annual property taxes are expected to be $2,628. Property insurance is $696 a year, and the condo association fee is $100 a month. Based on these items, determine the total monthly housing payment for the Manchesters. Use Exhibit 9-9. (Do not round intermediate calculations. Round time value factor to 2 decimal places and final answer to the nearest whole dollar.) Total monthly housing payment
which is right?
Anna is buying a house that is selling for $265,000. To obtain a mortgage, she is required to make a 10% down payment. a. Determine the amount of the down payment. O A. $0 В. $10 O C. $2650 D. $26,500 b. Determine the amount of the mortgage. O A. $26,500 В. $265,000 C. $2650 O D. $238,500
5 . Please answer the whole answer there is more than one answer that needs to be answered