Borrower Stu wants to get an FHA loan for a home priced at $253,500 and appraised for $257,000. The monthly PITI payment on this house would be $1,780. He has a 680 credit score, gross monthly income of $6,850, other monthly recurring debts of $850, and a $75 monthly electric bill. Stu will finance the 1.75% UFMIP into the loan amount. What is Stu's minimum down payment for the home purchase? $8,872.50 $0 O$9,027.77 O$8,995.00

Borrower Stu wants to get an FHA loan for a home priced at $253,500 and appraised for $257,000. The monthly PITI payment on this house would be $1,780. He has a 680 credit score, gross monthly income of $6,850, other monthly recurring debts of $850, and a $75 monthly electric bill. Stu will finance the 1.75% UFMIP into the loan amount. What is Stu's minimum down payment for the home purchase? $8,872.50 $0 O$9,027.77 O$8,995.00

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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A homeowner is looking to buy a home in Marvin Gardens. The most he can afford to pay in total is $3,080 per month. Yearly property taxes will be about $12,000 (escrowed monthly) and insurance is $187 per month. There are no other costs. If mortgage rates are 5.48% for a 30-year fixed-rate mortgage, how large can his mortgage be? (Do not round intermediate calculations. Round your answer to the nearest whole number.)
Chuck Wells is planning to buy a Winnebago motor home. The listed price is $155,000. Chuck can get a secured add-on interest loan from his bank at 7.45% for as long as 60 months if he pays 15% down. Chuck's goal is to keep his payments below $3,600 per month and amortize the loan in 42 months. (a) Find Chuck's monthly payment (in $) with these conditions. (Round your answer to the nearest cent.) $ Can he pay off the loan and keep his payments under $3,600? Yes, under these conditions, Chuck will meet his goal.No, the monthly payment is too high. (b) What are Chuck's options to get his payments closer to his goal? (Select all that apply.) try to negotiate a lower interest ratemake a higher down paymenttry to bargain for a higher sale pricetry to bargain for a lower sale pricemake a lower down paymenttry to negotiate a higher interest rate (c) Chuck spoke with his bank's loan officer, who has agreed to finance the deal with a 6.95% loan if Chuck can pay 20% down. What…
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I need the answer of the question attached. Please provide all possible answers. Thank you!
Chuck Wells is planning to buy a Winnebago motor home. The listed price is $185,000. Chuck can get a secured add-on interest loan from his bank at 7.35% for as long as 60 months if he pays 15% down. Chuck's goal is to keep his payments below $4,300 per month and amortize the loan in 42 months. (a) Find Chuck's monthly payment (in $) with these conditions. (Round your answer to the nearest cent.) $ 4257.64 × Can he pay off the loan and keep his payments under $4,300? Yes, under these conditions, Chuck will meet his goal. No, the monthly payment is too high. (b) What are Chuck's options to get his payments closer to his goal? (Select all that apply.) □ □ □ □ □ make a lower down payment try to bargain for a lower sale price make a higher down payment try to negotiate a higher interest rate try to bargain for a higher sale price try to negotiate a lower interest rate
Chuck Wells is planning to buy a Winnebago motor home. The listed price is $175,000. Chuck can get a secured add-on interest loan from his bank at 7.45% for as long as 60 months if he pays 15% down. Chuck's goal is to keep his payments below $4,100 per month and amortize the loan in 42 months. 1) Chuck spoke with his bank's loan officer, who has agreed to finance the deal with a 6.95% loan if Chuck can pay 20% down. What will Chuck's new monthly payment (in $) be with these conditions? (Round your answer to the nearest cent.) $ With these conditions, will Chuck be able to pay off the loan and meet his goals? Yes, under these conditions, Chuck will meet his goal.No, the monthly payment is too high. 2) Attempting to reduce his monthly payment further, Chuck continues to negotiate with the seller. If the seller agrees to reduce the listed price by $4,800, finance the deal with a 6.95% loan, and if Chuck pays the 20% down, what will Chuck's monthly payment be (in $)?…
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