Frankie purchased a house for $185,000 . He put 20% of the purchase down as a down payment. He financed the house for 4.25% for 15 years. The annual taxes are $1250 and the annual insurance is $1056. What is his monthly principal, interest, tax and insurance (PITI) mortgage payment.

Q: John purchased a house for $325,000. He made a downpayment of 15% of the value of the house and…

A: A loan is a sort of debt that is taken on by an individual or another institution. The lender, which…

Q: Felix is purchasing a brownstone townhouse for ​$2,400,000. To obtain the​ mortgage, Felix is…

A: Given, Purchase Price of the house = $2,400,000 Down payment = 17% Mortgage period = 25 years…

Q: Luke deposited $3500 into a savings account that earns 5.50% annually but is compounded 4 times per…

A: Future value of money is the amount of deposit done and amount of compounded interest accumulated…

Q: ang borrowed $5200 from his friend to pay for remodeling work on his house. He repaid the loan 8…

A: Compound interest refers to the method of calculation of the interest earned on an investment where…

Q: Bryan purchased a house for $500,000. She made a down payment of 15.00% of the value of the house…

A: Monthly payment refers to an amount that is paid every month for the repayment of a loan amount by…

Q: Sara borrowed a total of $10,000 as loans from her aunt Talia and after six years paid a total of…

A: Loan amount = $10,000 Payment in 6 years = $10,000 Payment in 8 years = $2,000     We will sue IRR…

Q: Rob, a friend of yours, has recently purchased a home for $125,000, paying $25,000 down and the…

A: The objective of the question is to verify Rob's calculation that it will take over 67 years to pay…

Q: Carie purchased a car for $49,000; she paid $4900 as a down payment and financed the balance amount…

A: Present Value= the financed amount after the down payment= 49000-4900= 44100Payment per period can…

Q: Fred owes $10,000 due in three years and $5,000 due in ten years. Fred is allowed to pay off both…

A: Simple interest does not involve compounding and no interest on interest is considered.

Q: Anna is buying a house selling for $285,000. To obtain the​ mortgage, Anna is required to make a…

A: Loans are paid by easy simple monthly payment which makes it easier to pay the loan and these equal…

Q: Alec bought a home for $179,000. He had a $50,000 down payment and got a 30-year fixed rate mortgage…

A: Mortgage is a value which is borrowed from the external sources like banks for the particular period…

Q: Jen Logan bought a home in Iowa for $110,000. She put down 20% and obtained a mortgage for 30 years…

A: Here, Particulars Values Price of a house   $ 110,000.00 Down payment (20%*$110,000)  $…

Q: Nell has a 30 year mortgage of $403,897. Nell qualifies for a 2.88% loan. Annual property taxes are…

A: given data $403897 of 30 years mortgage  bank loan interest = 2.88% monthly bank interest loan =…

Q: Alec bought a home for $202,000. He had a $48,000 down payment and got a 30-year fixed r mortgage at…

A: The PMT function is a type of financial function which helps to determine the total monthly payment…

Q: The Darbys are buying a house for$492,000. They make adown payment $104,000 and obtain a 15-year…

A: The mortgage refers to the funds borrowed from the financial institutions and the lenders at a…

Q: Fred owes $12000 due in two years and $8,000 due in twelve years. Fred is allowed to pay off both…

A: We have to consider present value and future value of both.

Q: Ephrem bought a home in Des Moines, lowa, for $335,000. He put down 15% and obtained a mortgage for…

A: The time value of money is related to the change in the worth of the money with time. It says that…

Q: Roman paid $68,800 as a down payment towards an apartment purchase and receive nortgage from a bank…

A: Loans are paid by monthly equal amounts of payments and these equal payments carry the payment for…

Q: Shanice paid $69,950 as a down payment towards an apartment purchase and received a mortgage from a…

A: The down payment is $69,950 The time period of the mortgage is 27 years The interest rate is 4.93%…

Q: Gregory purchased a house for $350,000. He made a down payment of 30.00% of the value of the house…

A: Mortgage  A legal agreement between the borrower and a bank in which the bank will take ownership of…

Q: Five years ago, Bob purchased an apartment in Tai Po of $2,000,000. He made a down payment of 30%…

A: Mortgage is the term used for financing or using the money against the asset for which lender owes…

Q: John has 1 mil dollars. John got a mortgage for a 1 mil dollar house bought with a 10% downpayment,…

A: Given, Prime rate at the beginning= 1.5% and annual increase= 0.25%  Therefore, interest rates for…

Q: urchased a house for $475,000. He made a downpayment of 20% of the value of the house and received a…

A: The loans are paid by the monthly payments that carry the payment for interest and payment for…

Q: bought a vacation property for $18 900.00 down and sem nnual period for eight years. Interest is…

A: Price of property can be found from down payment and mortgage amount taken.

Q: The Olsens purchase a house by taking out a 25-year, $570,000 mortgage with an interest rate of…

A: Interest refers to the amount charged by the lender on the lent amount. The borrower of the loan is…

Q: Jane Doe earns $41,400 per year and has applied for a(n) $89,000, 25-year mortgage at 7 percent…

A: Amount available for mortgage payment= Debt Service Ratio * Monthly income -  Monthly Property taxes

Q: When Christian bought his home, he borrowed $315,700 at 4.2% interest, compounded monthly for 25…

A: Loan amount (PV) = $315,700 Interest rate = 4.2% Monthly interest rate (r) = 4.2%/12 = 0.35% Period…

Q: The monthly mortgage payment on Flynn‘s home is 690,084. Additionally they pay 1,598.57 in annual…

A: Given: Monthly mortgage payment "PI" - 690,084 ( Note this amount is mentioned exactly in the…

Q: Felix is purchasing a brownstone townhouse for ​$2,300,000. To obtain the​ mortgage, Felix is…

A: Downpayment is the amount paid in advance during the purchase of any asset or property. Formula is…