Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation. Use Exhibit 7-6, Exhibit 7-7. (Round your intermediate and final answers to the nearest whole dollar.) Monthly gross income Other debt (monthly payment) $ 3,485 $ 245 25-year loan at Down payment to be made (percent of purchase price) Monthly estimate for property taxes and insurance 7 percent 20 percent $ 190 Affordable monthly mortgage payment Affordable mortgage amount Affordable home purchase

Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation. Use Exhibit 7-6, Exhibit 7-7. (Round your intermediate and final answers to the nearest whole dollar.) Monthly gross income Other debt (monthly payment) $ 3,485 $ 245 25-year loan at Down payment to be made (percent of purchase price) Monthly estimate for property taxes and insurance 7 percent 20 percent $ 190 Affordable monthly mortgage payment Affordable mortgage amount Affordable home purchase

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

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

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

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 7FPE: Calculating interest and APR of installment loan. Assuming that interest is the only finance charge,...

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Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation. Use Exhibit 7-6, Exhibit 7-7. Note: Round your intermediate and final answers to the nearest whole dollar. Monthly gross income $ 4,850 Other debt (monthly payment) $260 20-year loan at 5 percent Down payment to be made (percent of purchase price ) 10 percent Monthly estimate for property taxes and insurance $ 385
Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation. Use Exhibit 7-6, Exhibit 7-7. (Do not round intermediate calculations. Round your answers to the nearest whole dollar.) Monthly gross income $ 2,950 Other debt (monthly payment) $ 160 30-year loan at 6 percent Down payment to be made (percent of purchase price) 15 percent Monthly estimate for property taxes and insurance $ 210
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Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation. Use Exhibit 7-6, Exhibit 7-7. (Round your intermediate and final answers to the nearest whole dollar.) Monthly gross income Other debt (monthly payment) 25-year loan at Down payment to be made (percent of purchase price) Monthly estimate for property taxes and insurance Affordable monthly mortgage payment Affordable mortgage amount Affordable home purchase $ 3,460 $ 220 6 percent 15 percent $ 240
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B2.
Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation. (Refer to Exhibit 9-8 and Exhibit 9-9) (Round time value factor to 2 decimal places, intermediate and final answers to the nearest whole number.) Monthly gross income $6,000 Down payment to be made (percent of purchase price) Other debt (monthly payment) 10 Percent $ 310 Monthly estimate for property taxes and insurance 30-year loan $ 390 5.0 Percent Affordable monthly mortgage payment Affordable mortgage amount Affordable home purchase
Exhibit 9-8 Housing affordability and mortgage qualification amounts Example A Example B Step 1: Determine your monthly $48,000 - 12 $48,000 - 12 gross income (annual income divided by 12). Step 2: With a down payment of at $4,000 $4,000 least 5 percent, lenders use x 38 x 33 33 percent of monthly gross $1,520 $1,320 income as a guideline for PITI (principal, interest, taxes, and insurance) and 38 percent of monthly gross income as a guideline for Term Rate 30 Yoars 25 Yoars 20 Yoars 15 Years PITI plus other debt payments. 3.0% $4.22 $4.74 $5.55 $6.91 Step 3: Subtract other debt -380 3.5 4.49 5.01 5.80 7.15 payments (e.g., payments -300 -300 an auto loan) and an 4.0 4.77 5.28 6.06 7.40 estimate of the monthly 4.5 5.07 5.56 6.33 7.65 costs of property taxes and homeowner's insurance. 5.0 5.37 5.85 6.60 7.91 (a) Affordable monthly mortgage $ 840 $1,020 5.5 5.68 6.14 6.88 8.17 payment 6.0 6.00 6.44 7.16 8.43 Step 4: Divide this amount by the -$7.34 -$7.34 monthly mortgage payment x $1,000…
Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation. (Refer to Exhibit 9-8 and Exhibit 9-9.) Note: Round time value factor to 2 decimal places, intermediate and final answers to the nearest whole number. Monthly gross income Down payment to be made (percent of purchase price) Other debt (monthly payment) Monthly estimate for property taxes and insurance 30-year loan Mortgage Costs $ 4,200 10 Percent $ 250 $ 290 6.0 Percent Affordable Affordable monthly mortgage payment Affordable mortgage amount Affordable home purchase price Amount
Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation. (Refer to the images) Note: Round time value factor to 2 decimal places, intermediate and final answers to the nearest whole number. Mortgage Monthly gross income $ 4,700 Down payment to be made (percent of purchase price) 20% Other debt (monthly payment) $ 260 Monthly estimate for property taxes and insurance $ 490 30-year loan 8.0% 1.) What is the affordable monthly mortgage payment? 2.) What is the affordable mortgage amount? 3.) What is the affordable house purchase price?
Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation. (Refer to Exhibit 9.8 and Exhibit 9-9.) Note: Round time value factor to 2 decimal places, Intermediate and final answers to the nearest whole number. Monthly gross income Down payment to be made (percent of purchase price) Other debt (monthly payment) Monthly estimate for property taxes and insurance 30-year loan Affordable monthly mortgage payment Affordable mortgage amount Affordable home purchase price Affordable Amount Mortgage Costs $ 5,150 20 Percent $ 300 $ 400 6.5 Percent
PLEASE DO NOT ROUND THE ANSWERS Selling Price of Home Down Payment Rate of Interest Years $ 160,000.00 $ 20,000.00 3.50% 30 Required: Please use the above information to answer the below questions: (Use Table 15-1) How many total payments on this mortgage? What is the principal (loan)? What is the payment per $1,000? What is the monthly mortgage payment? TABLE 15.1 Amortization table (mortgage principal and interest per $1,000) Term in Years INTEREST 3½% 5% 5½% 6% 6½% 7% 7½% 8% 8½% 9% 9½% 10% 10½% 11% 10 9.89 10.61 10.86 11.11 11.36 11.62 11.88 12.14 12.40 12.67 12.94 13.22 13.50 13.78 12 8.52 9.25 9.51 9.76 10.02 10.29 10.56 10.83 11.11 11.39 11.67 11.96 12.25 12.54 15 7.15 7.91 8.18 8.44 8.72 8.99 9.28 9.56 9.85 10.15 10.45 10.75 11.06 11.37 17 6.52 7.29 7.56 7.84 8.12 8.40 8.69 8.99 9.29 9.59 9.90 10.22 10.54 10.86 20 5.80 6.60 6.88 7.17 7.46 7.76 8.06 8.37 8.68 9.00 9.33 9.66 9.99 10.33 22 5.44 6.20 6.51 6.82 7.13 7.44 7.75 8.07 8.39 8.72 9.05 9.39…