Sales price = $495,000 Interest Rate on 1st mortgage = 4.250% Interest Rate on HELOC 2nd mortgage = 4.000% 30-year fixed rate conventional Down Payment = 5% Taxes = $500 monthly Homeowners Insurance = $150 monthly What is the PITI using both mortgages? Choices: $2,952.56 $2,845.58 $2.879.62 $2.910.32
Sales price = $495,000 Interest Rate on 1st mortgage = 4.250% Interest Rate on HELOC 2nd mortgage = 4.000% 30-year fixed rate conventional Down Payment = 5% Taxes = $500 monthly Homeowners Insurance = $150 monthly What is the PITI using both mortgages? Choices: $2,952.56 $2,845.58 $2.879.62 $2.910.32
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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Question
Transcribed Image Text:Sales price = $495,000
Interest Rate on 1st mortgage = 4.250%
Interest Rate on HELOC 2nd mortgage = 4.000%
30-year fixed rate conventional
Down Payment = 5%
Taxes = $500 monthly
Homeowners Insurance = $150 monthly
What is the PITI using both mortgages?
Choices:
$2,952.56
$2,845.58
$2,879.62
$2,910.32
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