$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 $420.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 b. Determine the cost of 3 points c. Determine 28% of their adjusted monthly income d. Determine the monthly payments of principal and interest for a 20 year loan e. Determine their total mont
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
A couple found a house selling for $113,500.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 $420.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
b. Determine the cost of 3 points
c. Determine 28% of their adjusted monthly income
d. Determine the monthly payments of principal and interest for a 20 year loan
e. Determine their total monthly payment, including homeowners'insurance and taxes
f. Determine whether the couple will qualify for the 20 year loan
g. Determine how much of the first payment on the loan is applies to the principal.
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