Home ownership has other expenses, including taxes, homeowner's insurance and utilities. The annual property tax can be estimated as 1% of the amount borrowed and the annual homeowner's insurance can be estimated as 2% of the amount borrowed. For a moratage of 145,000 find the following a). What is the monthly ampount of property tax?. b). what is the monthly amount of homeowner's insurance?

Home ownership has other expenses, including taxes, homeowner's insurance and utilities. The annual property tax can be estimated as 1% of the amount borrowed and the annual homeowner's insurance can be estimated as 2% of the amount borrowed. For a moratage of 145,000 find the following a). What is the monthly ampount of property tax?. b). what is the monthly amount of homeowner's insurance?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

A family spends $40,000 on living expenses. With an annual inflation rate of 3 percent, they can expect to spend approximately _____________blank in one year.
Calculate how much money a prospective homeowner would need for closing costs on a house that costs $237 comma 500237,500. Calculate based on a 2121 percent down payment, 1.21.2 discount points on the loan, a 0.60.6 point origination fee, and $1 comma 8301,830 in other fees.
Based on the following data, calculate the items requested: Buying Costs Annual mortgage payments Property taxes Down payment/closing costs Growth in equity Insurance/maintenance Estimated annual appreciation Rental Costs Annual rent Insurance Security deposit $ 8,230 $ 230 $ 1,075 Assume an after-tax savings interest rate of 7 percent and a tax rate of 32 percent. Assume this individual has other tax deductions that exceed the standard deduction amount. Rental cost Buying cost a. Calculate total rental cost and total buying cost. (Do not round intermediate calculations. Round your answers to the nearest whole dollar.) $ 10,450 (10,000 is interest) $ 2,120 $ 5,150 $ 450 $1,900 $ 2,550 b. Would you recommend buying or renting? O Renting O Buying
You make the following monthly payments. Your total net income (net of taxes) is $4,000. Calculate your savings ratio. Rent $600 Entertainment $300 Car payment $253 $500 Credit card payment $100 $450 Utilities $200 Gasoline $185 Groceries $250 Retirement savings $150 Student loan payment $300 O 17.80%. O 16.18%. O 29.05%. O 29.48%. You spend Save for Later Health insurance Taxes Submit An:
How is the housing expense ratio calculated? The monthly PITI payment is divided by the borrower's monthly net income. The monthly PITI payment is divided by the borrower's monthly gross income. O The monthly PITI payment plus other monthly obligations are divided by the monthly gross income. The borrower's monthly gross income is divided by the monthly PITI payment.
You are the sole wage earner in a "typical family," with $102,000 gross annual income. Use the income replacement method to determine how much life insurance you should carry. (Omit the "$" sign In your response.) Value of Insurance $
Generally stated within the real estate industry, a person can afford to buy a home costing 2.5 times his annual income. Based on this generalization, what would be the minimum weekly salary of s buyer $34.5TS house?
DIRECTIONS Use the information below to fill out a consumer equity form and calculate the net worth for each family. Net worth can be a useful tool to measure your financial progress from year to year. Your net worth is a grand total of all assets what vou own) minus liabilities (what vou owe: debts). It's important to understand that vour income Isn tine only Tactor that determines your wealtn. Occupation Annual Income Retirement Investments Real Estate Vehicles Credit Card Debt Emergency Fund Checking Account Household Items FAMILY A FAMILY B Nurse and Sales Appliance Installer $105,000 combined $45,000 $35,000 $22,000 Owns a house appraised at $224,000 with a mortgage balance of $202.000 Owns a house appraised at $180,000 with a mortgage balance of $126,000 New truck with Blue Book value Used sedan with retail value of $32,000; owes $35,000 of $9,500; paid for Used SUV with a retail value of $17,500; owes $14,500 $13,000 None $1.000 $5.000 $2,500 $650 Antiques: $5,000 Electronics:…
provide correct answer
Jake has total fixed monthly expenses of $1,350 and his gross monthly income is $3,875. What is his debt-to-income ratio? How does his ratio compare to the desired ratio?
Jake has total fixed monthly expenses of $1,320 and his gross monthly income is $3,950. What is his debt-to-income ratio? How does his ratio compare to the desired ratio? Debt-to-income ratio = % (Round to the nearest integer as needed.) Jake's ratio is V the maximum percentage.
Suppose you obtain a 30 year mortgage loan of 197,000$ at an annual interest rate of 8.1%. The annual property tax bill is $967 and the annual fire insurance premium is 495$. Find the total monthly payment for the mortgage, property tax, and fire insurance.