incorrectQuestion 5What is the $value of the points in Question 3? Information is copied belowYour mortgage broker also offers you a mortgage with 3 points and a 6.25% interestrate.You have just bought a new house for $360,000 and are taking out a mortgage for$288,000.8,640Question 6This is a new situation (ie we aren't using the data from the prior problems).You are getting a $100,000 mortgage and paying 2 points. What is the effectiveannual yield (in percentage) if it has 6% interest (this includes the impact of thepoints) and is 30 years?117.84

“Since you have asked multiple question, we will solve the first question for you. If you want any…

What is the $ value of the points in Question 3? Information is copied below Your mortgage broker also offers you a mortgage with 3 points and a 6.25% interest rate. You have just bought a new house for $360,000 and are taking out a mortgage for $288,000. 8,640

What is the $ value of the points in Question 3? Information is copied below Your mortgage broker also offers you a mortgage with 3 points and a 6.25% interest rate. You have just bought a new house for $360,000 and are taking out a mortgage for $288,000. 8,640

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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please show calculation for both clearly show mortgage schedule clearly answer in text without copy paste need complete and correct answer with full explanation
On a $529,000 home, on a 30-year fixed mortgage, with an interest rate of 5.29, find: a. The down payment amount (15 % )b. Amount borrowed from bank (price of home - down payment) c. The monthly payment d. Total paid back to bank (principal + interest)
You own a home that was recently appraised for $370,000. The balance on your existing mortgage is $129,350. If your bank is willing to loan up to 70% of the appraised value, what is the potential amount (in $) of credit available on a home equity loan? 2$
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
Many mortgage company allow youto "buy down" your interest rate of your loan by buying points. A point is equal to 1% of your mortgage amount (or $1,000 for every $100,000). You're essentially paying some interest up front in exchange for a lower interest rate over the life of your loan. Find the following payments and total cost (including points) of a $170,000.00 that is borrowed for 30 years with a) 6, % compounded monthly with no points $ The total cost would be $ 1 b) 6– % compounded monthly with 1 point $ 4. The total cost would be $ c) 6% compounded monthly with 2 points $ The total cost would be $
You borrow $675,000 to buy a home using a 30-year mortgage with an interest rate of 3.675 percent and monthly payment. Calculate the interest portion of the 20th payment. Disregard property taxes and mortgage insurance. Group of answer choices $2,006 $1,999 $2,002 $1,818 $1,821
1) The amount of down payment one makes on a home directly affects the size of the monthly payments a. True b. False 2) A monthly payment of $ 850 on a 30 year $ 80,000 mortgage results in a total cost of interest of $ 306,000. a. True b. False 3) What are the points on a mortgage?
Suppose you earn a gross income of $2,915.00 per month and apply for a mortgage with a monthly PITI of $900.74. You have other financial obligations totaling $174.90 per month. If the lending ratio guidelines are as given in the table below, what type of mortgage, if any, would you 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
You own a home that was recently appraised for $330,000. The balance on your existing mortgage is $117,450. If your bank is willing to loan up to 70% of the appraised value, what is the potential amount (in $) of credit available on a home equity loan?
A buyer has agreed to purchase a home for $50,500. The buyer will assume a first mortgage in the amount of $32.200, will deposit $2.200 as earnest money, will deposit $5,600 in cash at cosing, and wl give the sellet a purchase- money mortgage for the balance. What is the amount of the purchase-money mortgage? a)$24,400 b)$18,300 c)$16,100 d)$10,500
Need help please
QUESTIONS 1,2,3 ARE CONNECTED. I SOLVED QUESTIONS 1 and 2 and need help solving QUESTION 3 ONLY 1. A bank customer obtains a $150,000 mortgage with a term of 15 years and a nominal interest rate of 4.20%. The monthly debt service/payment for the mortgage : Answer - $1,124.63 2) If the homeowner makes the minimum monthly required payments on the mortgage, what is the balance on the mortgage after 5 years – i.e. after the 60th payment is made: Answer - $110,043.38 3) Assume the homeowner has made the minimum required monthly payments on the mortgage and 5 years have passed. If the homeowner’s income has increased and he/she decides to increase the monthly payments to $1500, how many months and years will it take to retire the mortgage? Months Years? *PLEASE SOLVE #3 USING EXCEL ONLY AND SHOW THE FUNCTIONS/FORMULAS USED*

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