Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for thefollowing situation. (Refer to Exhibit 9-8 and Exhibit 9-9) (Round time value factor to 2 decimal places, intermediate and finalanswers to the nearest whole number.)Monthly gross income$6,000Down payment to be made (percent of purchase price)Other debt (monthly payment)10 Percent$310Monthly estimate for property taxes and insurance30-year loan$3905.0 PercentAffordable monthly mortgage paymentAffordable mortgage amountAffordable home purchase

Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable ollowing situation. (Refer to Exhibit 9-8 and Exhibit 9-9) (Round time value factor to 2 decimal places, 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 $6,000 10 Percent $ 310 $ 390 5.0 Percent Affordable monthly mortgage payment Affordable mortgage amount Affordable home purchase

Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable ollowing situation. (Refer to Exhibit 9-8 and Exhibit 9-9) (Round time value factor to 2 decimal places, 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 $6,000 10 Percent $ 310 $ 390 5.0 Percent Affordable monthly mortgage payment Affordable mortgage amount Affordable home purchase

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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Find the following for a $200,000 fixed-rate mortgage and the given information. a) Monthly mortgage payment (principal and interest) b) Monthly house payment (including property taxes and insurance) c) Initial monthly interest d) Income tax deductible portion of initial house payment e) Net initial monthly cost for the home (considering tax savings) Owner's Income Tax Bracket 25% Term of Mortgage 20 years Interest Rate 6% Annual Property Tax $1128 Annual Insurance $540 a) The monthly mortgage payment is $. (Round to the nearest dollar as needed.)
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 $ 3,250 20 Percent $ 175 $ 210 7.0 Percent
Find the indicated amounts for the fixed-rate mortgages. Purchase price of home $160,000 SO 5.00% 30 Click the icon to view the table of the monthly payment of principal and interest per $1,000 of the amount financed. Down Mortgage Interest payment amount rate Years Monthly payment Mortgage paid for Total payment mortgage per $1,000 ICHHI The mortgage amount is S (Round to the nearest dollar as needed.) The monthly payment per $1,000 is S. (Round to the nearest cent as needed.) The monthly mortgage payment is S The total mortgage payment is S The total interest is $ (Round to the nearest cent as needed.) (Round to the nearest dollar as needed.) (Round to the nearest dollar as needed.) Interest paid
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…
Using this table as needed, calculate the required information for the mortgage. Amount Interest Financed Rate $88,500 8.00% Need Help? Read It Submit Answer Term of Loan (years) 30 Number of $1,000s Financed 88.5 Table Factor (in $) 7.34 Monthly Payment (in $) X LA Total Interest (in $) X
Vijay
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
Consider a home mortgage of $125,000 at a fixed APR of 4.5% for 25 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest. ..... a. The monthly payment is $ (Do not round until the final answer. Then round to the nearest cent as needed.)
Calculate the amount financed, the finance charge, and the monthly payments (in $) for the add-on interest loan. (Round your answers to the nearest cent.) Purchase (Cash) Price Monthly Payment Down Amount Add-on Number of Finance Payment Financed Interest Payments Charge $50,900 $ | $ 25% 11.6% 60
Calculate the monthly payments for each of the following $119,600 mortgage loans. Assume no prepayments. a. 30-year fixed at 7.25 percent b. 15-year fixed at 6.25 percent c. 20-year fixed at 6.75 percent Note: Round intermediate computations to at least five (5) decimal places. Click on the table icon to view the Monthly Installment Loan Payment Factor (MILPF) table: a. The monthly payment, PMT, on the 30-year loan is $ (Round to the nearest cent.)
Buy On Time or Pay Cash Cost of Borrowing 1. 2. 3. 4. 5. 6. 7. 8. Cost of Paying Cash 9. 10. Terms of the loan a. Amount of the loan b. Length of the loan (in years) c. Monthly payment Total loan payments made ($ per month Less: Principal amount of the loan Total interest paid over life of loan Tax considerations: - Is this a home equity loan? - Do you itemize deductions on your federal tax return? What federal tax bracket are you in? Taxes saved due to interest deductions ($ %) Total after-tax interest cost on the loan X months) Annual interest earned on savings (6% X Annual after-tax interest earnings ($ %) X $10,000.00 5 $188.70 no yes 35% $ $ $ 00 00 $
Calculate the amount financed, the finance charge, and the total deferred payment price for the following installment loan. Round your answers to the nearest cent. Total Purchase Deferred (Cash) Down Amount Monthly Number of Finance Payment Price Payment Financed Payment Payments Charge Price $2,800 0% $190.35 24

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