Megan Mei is charged 2 points on a $120,000 loan at the time of closing. The original price of the home before the down payment was $140,000. The points in dollars cost Megan: Multiple Choice None of these $2,400 $2,800

Q: Anna is buying a house that is selling for $265,000. To obtain a mortgage, she is required to make a…

A: Mortgage refers to amount of loan for purchase of house, land or real estate. The working is shown…

Q: Michelle borrows a total of $2500 in student loans from two lenders. One charges 3.2% simple…

A: Simple interest method is a method of computing interest on borrowed amount where interest is…

Q: Munawar is a first time buyer and bought a brand new townhouse in Oshawa for $212 000. He has saved…

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Q: Q. Jayden borrows $10500 from his grandmother for 4 years. Jayden’s grandmother gives Jayden a…

A: While calculating future value using simple interest, the amount of simple interest is only based on…

Q: narvia purchased a used roadster with a $15,000 three -year loan at 6%. Her monthly payments are…

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Q: The Torres family wants to purchase a home that is valued at $275 000. They have a $35 000 down…

A: Purchase price of home = $275000 Down Payment =$35000 Rate of Interest = 3.75% Term of Amortization…

Q: A young couple has saved up $12,000.00 for a down payment on a home. They are currently paying…

A: The loan represents the amount that is borrowed from the lender by the borrower to expand of…

Q: The Bourassas decide to sell a home for $480,000. They are charged a real estate commission of 8% of…

A: A real estate commission is a fee paid to a real estate broker or agent for their services in…

Q: Craig Hammer purchased a new condominium for $225,000. The bank required a $30,000 down payment.…

A: Total Present Value = $225,000 Down payment = $30,000 Present Value of Loan = $195,000 Annual…

Q: Nina takes a fixed-rate, 30-year loan with a monthly payment of $1,300.00. The amount financed was…

A: Given,  Monthly Payment = $1300 Year = 30 years Amount Financed = $180000

Q: Clara comes to see you for a $25,000 loan. The payments will be $315. She rents for $725. Her…

A: TDS total debt service ratio is very important while giving loans and mortgages and it must be…

Q: PLEASE TYPE IT AND NOT HANDWRITTEN Mrs. Florentina Manayam wants to borrow P92,500 to buy a hand…

A: The discount on the loan is the interest on the loan.

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A: Compound interest is a measure of calculating interest where the interest earned in each period is…

Q: Question 7 of 16 Erin purchased a house for $375,000. He made a downpayment of 20% of the value of…

A: Purchased a house - $375,000 Downpayment - 20% of the value of the house Mortgage for the rest of…

Q: DAMian is obtaining a lo year Mtg of 400,000 to purcha - House, while obtaining the mtg, Damian was…

A: Answer - Damian need not to know about premium calculation based on health & financial status…

Q: The sale of a Georgia home closes on March 15th. If the seller owes $45,300 on a mortgage against…

A: As we know that the Formula for Simple Interest = (Principle x Rate x Time) / 100   If the…

Q: (a) What would Rich's monthly payment be if he takes the 5- year 0% financing? Monthly payment for…

A: The monthly payment is the money that you pay each month in return for goods you own or borrow. This…

Q: Susan owes $2,400 to Fancy Flowers for arrangements purchased last week. For Fancy Flowers, the…

A: The account receivables tells about the amount due to be received from customers.  The account…

Q: Lizzy Clar bought a home for $160,000, putting down $30,000. The rate of interest is 7% for 25…

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Q: What is Mary's year 1 deduction

A: Deduction refers to the process of subtracting certain expenses or allowances from one's taxable…

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: ing a new refrigerator for $1899 at Sears. There is 7.25% sales tax added to her purchase. She plans…

A: Given, Cost of refrigerator = $1,899 Sales tax = 7.25% Annual percentage rate (APR) = 18.9% Monthly…

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A: For the purchase of large ticket items like a house or a car etc. we usually take loans. The loan…

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A: We can calculate the total repayment of the loan by adding the interest amount and principal amount…

Q: Jason Bradley decided to buy a home for $271,000. His bank requires a 25% down payment. His…

A: Given: Particulars Amount Cost of house $271,000 Down payment 25% Recording of the deed…

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A: Given information : Time period = 4 years Interest rate = 4% Quarterly payments = $970

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A: Prepaid Interest Expenses is that Expenses which is paid in advance before the Expenses due it will…

Q: olonda signs a $300,000 mortgage, 4-year term, monthly payments at 7% c.m. amortized over 25 years.…

A: Solution-   Step (1) Introduction-  In the above question it is not clearly mentioned that the…

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A: The goods financing system refers to a system in which the buyer can use the goods without paying…

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A: Prepaid Expenses are those expenses that are paid in advance and which is recorded in the balance…

Q: agreed to pay 28% down. What

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A: The simple interest is interest without the impact of the compounding that is the plain interest…

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A: To find out this solution we need to find the loan to value ratio(LTV). LTV ratio measures the…

Q: Julio buys a kio fishpond land. Fish to put in it) for his wife on their anniversary. He pays $8000…

A: As per the given information: Total amount = $8,000Down payment = $2,000Loan amount = $8,000 -$2,000…

Q: Calculate how much money a prospective homeowner would need for closing costs on a house that costs…

A: The objective of this question is to calculate the total amount of money a prospective homeowner…

Emergency Fund

The emergency fund is an amount that is kept aside to meet financial emergencies such as medical expenses and debt settlements. Emergency funds reduce the burden on people during their hardships. People save small portions of their earnings or paychecks as emergency funds to meet financial emergencies. Emergency funds should be saved or invested in such a way that they must be easily liquidated during emergencies. The main purpose of an emergency fund is its availability when required.