Your mortgage payment, monthly PMI, monthly house insurance, and monthlyproperty tax should total no more than 38% of your gross monthly income. If thetotal is more, then you are borrowing too much money. With the following paymentsand income, have you borrowed too much money?DescriptionMortgage PaymentMonthly PMIMonthly Property TaxMonthly Home InsuranceTotalGross Monthly IncomePercent of GMIDollars$1613.86$11.30$19.37$6.46Round your answers to the nearest dollar.Calculate 38% of your gross monthly income.$5284.44Calculate the total of your payment, PMI, insurance, and property taxes.Are you borrowing too much?O You're borrowing too much.O You're not borrowing too much.

The mortgages are very common for buying the properties and home because both makes the buying home…

property tax should total no more tha total is more, then you are borrowing and income, have you borrowed too r Description Mortgage Payment Monthly PMI Monthly Property Tax Monthly Home Insurance Gross Monthly Income Dollars $1613.86 $11.30 $19.37 $6.46 $5284.44

property tax should total no more tha total is more, then you are borrowing and income, have you borrowed too r Description Mortgage Payment Monthly PMI Monthly Property Tax Monthly Home Insurance Gross Monthly Income Dollars $1613.86 $11.30 $19.37 $6.46 $5284.44

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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不 Increasing the down payment on a mortgage reduces both the size of the monthly payments and the total interest paid. Calculate the reduction in the monthly payment by increasing the down payment by the amount specified, and the amount saved on interest over the life of the loan. Assume the mortgage is for 20 years and use the table to find the monthly payments Click the icon to view the table for the monthly payment Amount of Loan $169,000 Interest Rate OA $77.20, $18.528.00 OB. 557.28, $13,747.20 OC. $58.72, $14,092.80 OD. $66.88, $16.051.20 8% Down Payment $33,000 Increase in Down Payment $8,000 Table Anal Interest Rate 5% 6% Monthly payments on a $1,000 loan. Number of Years for the Loan 8% 10% 126 10 20 30 $29.53 $22.58 $10.12 $6.06 $4.77 29.97 23.03 1061 6.60 5.37 30.42 23.49 11.10 7.16 6.00 3134 2441 12.13 X36 734 32.27 25.36 13.22 9.65 8.78 33.21 26.33 14.35 1101 10.29 Print Done X
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
Help pls
ences Rental Costs. Annual rent Insurance Security deposit Buying Costs Annual mortgage payments Property taxes Insurance, maintenance Down payment, closing costs Growth in equity Estimated annual appreciation $ 7,520 152 1,050 Rental cost Buying cost Total Cost $ 10,600 ($ 9,606 is interest) 2,170 Assume an after-tax savings interest rate of 5 percent and a tax rate of 28 percent. a. Calculate the total rental cost and total buying cost. 1,920 4,500 994 3,000
I really need help with A & B.
Using the residential mortgage-debt to income ratio of 28%, and total-debt to income ratio of 36%, what is the largest loan (with a 30-year FRM at 6%) you can qualify for if you make $38,000 a year and have outstanding debt with $250/month payments? O $113,418 O $140,107 O $150,112 $155,616 O $148,445
Let's assume you finance your house through Wells-Fargo Bank. Below, please find the Truth-in-Lending Disclosure (TILD). Calculate Finance Charge, i.e., the dollar amount the credit will cost you at the end of the term. Amount Financed Annual Percentage Rate Term $350,000 5.0% 30 Years Taxes and Insurance per month (Escrow account set up by Wells-Fargo.) $430 $335,321.64 $326,395.24 O $373,125.82 O $426,825.60
ASAP PLZ ! You want to purchase a home for $747,555 in South Calgary. Your mortgage officer at BMO has informed you that the rate on mortgages is 2.50% compounded quarterly. You are a prudent saver and currently have $124,399 in your savings accounts. After legal and closing fees, you have $113,399 available for a down payment. The rest you must borrow from the bank. You believe that a thirty-five year amortization period will make the payments manageable. What are the monthly payments to meet the terms of the mortgage? (Hint don't lose decimals on the interest rate). $4,282.83 $2,670.39 $2,265.31 $2,838.71
13) Some financial advisors recommend that your monthly mortgage payment be no higher than 28% of your monthly net income. What is 28% of your monthly net income, as determined in question twelve? This is the estimated amount you can afford per month for a mortgage. 4,518*0.28 $1,265 28% of my monthly net income is $1,265. 14) We can calculate how much of a house you can afford using the loan formula. In question thirteen, you determined the monthly mortgage payment you can afford. Using this value for the regular monthly payment, calculate the present value (P), assuming you receive a 30-year mortgage (loan) with an annual interest rate of 6.328% with monthly compounding. (Note: This rate is realistic for a mortgage initiated in January 2024.) I need to use Loan formula to find the present value (P). please help me
Answer in the box is incorrect.
Suppose you obtain a 30 year mortgage loan of 197,000$ 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.
9. Mortgage payments Mortgages, loans taken to purchase a property, involve regular payments at fixed intervals and are treated as reverse annuities. Mortgages are the reverse of annuities, because you get a lump-sum amount as a loan in the beginning, and then you make monthly payments to the lender. You’ve decided to buy a house that is valued at $1 million. You have $100,000 to use as a down payment on the house, and want to take out a mortgage for the remainder of the purchase price. Your bank has approved your $900,000 mortgage, and is offering a standard 30-year mortgage at a 12% fixed nominal interest rate (called the loan’s annual percentage rate or APR). Under this loan proposal, your mortgage payment will be per month. (Note: Round the final value of any interest rate used to four decimal places.) Your friends suggest that you take a 15-year mortgage, because a 30-year mortgage is too long and you will pay a lot of money on interest. If your bank approves a…

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