Question HelpThe Adeeva's gross monthly income is $6300. They have 18 remaining payments of $230 on a new car. They are applying for a 20-year, $172,000mortgage at 6.5%. The taxes and insurance on the house are $360 per month. The bank will only approve a loan that has a total monthly mortgagepayment of principal, interest, property taxes, and homeowners' insurance that is less than or equal to 28% of their adjusted monthly income.Click here for table of Monthly Paymentsa) Determine 28% of the Adeeva's adjusted monthly income.(Round to the nearest cent.)TO b) Determine the Adeeva's total monthly mortgage payment, including principal, interest, taxes, and homeowners' insurance.etecart 1$6(Round to the nearest cent.)c) Do they qualify for this mortgage?NoO Yes

(a) Adeeva's adjusted monthly income = 6,300 - 230 = 6,07028% of Adeeva's adjusted monthly income =…

Answered: the Adeeva's gross monthly income is…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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am. 113.
The monthly mortgage payment on Flynn‘s home is 690,084. Additionally they pay 1,598.57 in annual Real estate taxes and $627 per year in homeowners insurance what is the total amount of their entire monthly payment
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Carlos earns a gross income of $5,690 per month and applies for a mortgage with a monthly PITI of $1,251.80, Carlos has other financial obligations totaling $870.57 per month. If the lending ratio guidelines are as given in the table below. Lending Ratio Guidelines Mortgage Type Housing Expense Ratio Total Obligations Ratio 41% FHA Conventional 29% 28% 36% What type of mortgage, if any, would Carlos qualify for? O Carlos qualifies for an FHA mortgage under the lending guidelines, but not a conventional mortgage. O Carlos qualifies for a conventional mortgage under the lending guidelines, but not an FHA mortgage. O Carlos qualifies for both an FHA mortgage and a conventional mortgage under the lending guidelines. O Carlos qualifies for neither an FHA mortgage and a conventional mortgage under the lending guidelines.
Carlos earns a gross income of $5,580 per month and applies for a mortgage with a monthly PITI of $1,450.80. Carlos has other financial obligations totaling $764.46 per month. If the lending ratio guidelines are as given in the table below. Lending Ratio Guidelines Mortgage Type Housing Expense Ratio Total Obligations Ratio FHA 29% 41% Conventional 28% 36% What type of mortgage, if any, would Carlos qualify for? O Carlos qualifies for an FHA mortgage under the lending guidelines, but not a conventional mortgage. O Carlos qualifies for a conventional mortgage under the lending guidelines, but not an FHA mortgage. O Carlos qualifies for both an FHA mortgage and a conventional mortgage under the lending guidelines. O Carlos qualifies for neither an FHA mortgage and a conventional mortgage under the lending guidelines.
On September 1, the home mortgage balance was $262,000 for the home owned by Kim Thompson. The interest rate for the loan is 8 percent. Assuming that Kim makes the September monthly mortgage payment of $2620 , calculate the following: (a) The amount of interest included in the September payment (round your answer to the nearest cent). (b) The amount of the monthly mortgage payment that will be used to reduce the principal balance. (c) The new balance after Kim makes this monthly mortgage payment.
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The annual insurance premium on Maria's home is $1,958 and the annual property tax is $1,432. If her monthly principal and interest payment is $1,613, find the adjusted monthly payment including principal, interest, taxes, and insurance (PITI). PITI= $ (Round to the nearest cent as needed.)
Capital structure Kirsten Neal is interested in purchasing a new house given that mortgage rates are low. Her bank has specific rules regarding an applicant's ability to meet the contractual payments associated with the requested debt. Kirsten must submit personal financial data for her income, expenses, and existing installment loan payments. The bank then calculates and compares certain ratios to predetermined allowable values to determine if it will make the requested loan. The requirements are as follows: (1) Monthly mortgage payments <29% of monthly gross (before-tax) income. (2) Total monthly installment payments (including the mortgage payments) <38% of monthly gross (before-tax) income. Kirsten submits the following personal financial data: Monthly gross (before-tax) income Monthly installment loan obligations Requested mortgage Monthly mortgage payment a. Calculate the ratio for requirement 1. $4,450 375 145,000 1,120 a. The ratio for requirement 1 is%. (Round to two decimal…
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A mortgage applicant who has a monthly gross income of $4,705.00 applies for a mortgage with monthly PITI of $1,411.50. The applicant's other financial obligations total $282.30 per month. If the lending ratio guidelines are as given in the table below, what type of mortgage, if any, would the applicant qualify for? Mortgage Type Housing Expense Ratio Total Obligations Ratio FHA 29% 41% Conventional 28% 36% O FHA only O Conventional only O FHA and Conventional O None of the above
Stu Reese has a $150,000 7 ½% mortgage. His monthly payment is $1,010.10. His first payment will reduce the principal to an outstanding balance of: Multiple Choice $148,989.90 $149,927.40 $72.60 $937.50

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