Calculate the housing expense ratio and the total obligation ratio (in %) for the following mortgage applicat o two decimal places.) Applicant Emerson Monthly Monthly Other Monthly PITI Gross Income Expense $2,700 $633 Financial Obligations $270 Housing Expense Ratio (%) % Total Obligations Ratio (%) %

Q: Percentage of

A: the potential credit in $s can be found out. AppraisedValue Lender'sPercentage Percentage…

Q: Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable…

A: Mortgage Payment Definition: A mortgage payment is a periodic amount paid to a mortgage holder for…

Q: As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI…

A: A loan is a sum of money that one or more individuals, businesses, or other organisations acquire…

Q: Amount of mortgage Annual interest rate Years in mortgage Monthly payment ​$405,643 5.00​% 35…

A: Loans are the borrowings that are taken by corporations or individuals from financial institutions…

Q: Make an amortization table to show the first two payments for the mortgage. Amount of Annual…

A: Interest = Opening End of month principal * rate per period  Principal repayment = monthly payment -…

Q: Lucerne earns a gross income of $5,215 per month and applies for a mortgage with a monthly PITI of…

A: Housing Expense Ratio Calculation:Formula:Housing Expense Ratio = (Total Housing Expenses / Pretax…

Q: Español On April 1, the home mortgage balance was $100,000 for the home owned by Amy Sanchez. The…

A: Interest amount will be calculated Interest amount in April =Mortgage balance*monthly interest rate…

Q: For the second mortgage application, calculate the percentage of appraised value and the potential…

A: The appraisal value of a property is an master assess of its worth, regularly conducted by a…

Q: As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI…

A: Monthly Payment of Amortize Principal  Monthly Amortization Payment means a payment of principal of…

Q: For the second mortgage application, calculate the percentage of appraised value and the potential…

A: A loan is a financial arrangement in which one or more people, companies, or other entities lend…

Q: For the second mortgage application, calculate the percentage of appraised value and the potential…

A: answer and calculations are given below

Q: Based on Exhibit 7-8, what would be the monthly mortgage payments for each of the following…

A: Loan Payment: These are payments made to the lender by the borrower for the purpose of amortizing…

Q: Make an amortization table to show the first two payments for the mortgage.   Amount of mortgage…

A: The amortization table is prepared to show the amount of monthly payments which include the…

Q: As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI…

A: Here, Amount Financed = $240,000 Interest rate = 7.50% Term of loan = 25 years Annual Property tax =…

Q: FHA 29% 41% Conventional 28% 36% A only nventional only A and Conventional ne of the above

A: Monthly mortgage and other debt payments are based on monthly income and should be within limits.

Q: Make an amortization table to show the first two payments for the mortgage. Amount of mortgage…

A: Interest = Opening End of month principal * Rate per period Principal repayment = Monthly payment -…

Q: Find the indicated amounts for the fixed-rate mortgages. Purchase price of home Down Mortgage…

A: Purchase price of the house = $130,000 Down payment = $0 Interest rate per year = 5% Number of years…

Q: Affordable monthly mortgage payment Affordable mortgage amount Affordable home purchase price…

A: 1.Mortgage Payment Definition: A mortgage payment is a periodic amount paid to a mortgage holder for…

Q: Using this table as needed, calculate the required information for the mortgage. Term of Loan…

A: Monthly payment refers to an amount that is being paid at every period for the repayment of loan…

Q: Appraised Lender's Percentage of Value Percentage Appraised Value (in $) $125,500 60% LA Balance of…

A: Mortgage is secured loan in which the home is collateral and is paid by monthly payments that are…

Q: Using this table as needed, calculate the required information for the mortgage. Number Table…

A: Total interest of loan is equal to total PMTs made less the original principal.

Q: What is monthly monthly mortgage insurance premium for following FHA mortgage during the first year…

A: FHA mortgage insurance provides coverage to the lender in case of a default by the borrower. The…

Q: Calculate the housing expense ratio and the total obligation ratio (in %) for the following mortgage…

A: Given data:Monthly Gross Income= $2,900Monthly PITI Expense = $777Other monthly financial obligation…

Q: Make an amortization table to show the first two payments for the mortgage. Amount of mortgage…

A:

Q: final answers to 2 decimal places. Omit the "$" sign in your response.) a) A $123,000, 15-year loan…

A: we can use the mortgage payment formula:Monthly Payment=Loan Amount×Mortgage Payment FactorLet's…

Q: For the second mortgage application, calculate the percentage of appraised value and the potential…

A: As per the given information: Appraised value - $358,700Lender's percentage - 75%Balance of first…

Q: As one of the loan officers for Grove Gate Bank, calculate the monthly principal and interest, PI…

A: Here, Amount Financed (PV) is $280,000 Interest Rate (Rate) is 3.50% Term of Loan (Nper) in years is…

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.