Consider the following. (Use the FHA Maximum Loan Values by State table.) Sale Price State $36,000 Ajo, Arizona (a) Find the minimum cash investment. $ (b) Find the maximum FHA loan amount. $
Consider the following. (Use the FHA Maximum Loan Values by State table.) Sale Price State $36,000 Ajo, Arizona (a) Find the minimum cash investment. $ (b) Find the maximum FHA loan amount. $
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Consider the following. (Use the FHA Maximum Loan Values by State table.)
| Sale |
|
State |
|---|---|---|
| $36,000 |
|
Ajo, Arizona |
(a) Find the minimum cash investment.
$
(b) Find the maximum FHA loan amount.
$
$
(b) Find the maximum FHA loan amount.
$
Transcribed Image Text:Interest
Rate (%)
5
5/1/2
78
10
10/2/2
11
11/1/
12
12/1/2
13
13 /
14
14/1/2
15
15/1/2
16
16/12
17
Monthly Payments (Principal and
Interest) for Each $1000 Borrowed
Payment Period
10
Years
15
20
25
Years Years Years
10.61
7.91
6.60
5.85
10.85
8.17
6.88
6.14
11.10
8.44
7.16
6.44
11.36
8.71
7.46 6.75
11.60 8.97
7.75
7.05
11.86
9.26
8.04
7.37
12.12
9.54 8.35 7.70
12.38 9.83
8.66
12.67 10.14 9.00 8.39
12.94
10.44
9.32
8.74
13.22
10.75
9.65
9.09
13.49
11.05 9.98
9.44
13.78
11.37 10.32
9.80
14.06
11.68 10.66
14.35 12.00 11.01
14.64
12.33 11.36
14.93 12.65 11.72
15.23
12.98 12.07
15.53 13.32 12.44
15.83
13.66
16.13 14.00
16.44
14.34
16.75
14.69 13.91
17.06
15.04
17.38 15.39
8.04 7.67
8.05
8.41
8.78
9.15
9.52
10.16
10.53
10.90
11.28
11.66
12.04
12.80 12.42
13.17 12.81
13.54
13.20
13.59
14.29 13.98
14.67 14.38
30
Years
5.37
5.68
6.00
6.3
6.64
6.98
7.32
9.90
10.29
10.67
11.06
11.45
11.85
12.25
12.64
13.05
13.45
13.85
14.26
Transcribed Image Text:FHA Maximum Loan Values by State
Low Closing Cost States
Arizona, California, Colorado, Guam,
Idaho, Illinois, Indiana, New Mexico,
Nevada, Oregon, Utah, Virgin Islands,
Washington, Wisconsin, Wyoming
98.75% if price is <$50,000
97.65% if price is $50,001-$125,000
97.15% if price is >$125,000
High Closing Cost States
All other states
98.75% if price is ≤ $50,000
97.75% if price is > $50,000
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