Contemporary Mathematics for Business & Consumers

8th Edition

ISBN: 9781305585447

Author: Robert Brechner, Geroge Bergeman

Publisher: Cengage Learning

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Textbook Question

Chapter 14, Problem 17AT

Adam Marsh is purchasing a $134,000 condominium apartment. The down payment is 20 % . and the balance will be financed with a 20-year fixed-rate mortgage at 8.75 % and 3 discount points. The annual property tax is $1,940. and the hazard insurance premium is $1,460. When Adam signed the original sales contract, he put down a deposit of $10,000. which will be credited to his down payment. In addition, at the time of closing, he must pay the following expenses:

Appraisal fee	$165
Credit report	$75
Attorney’s fees	$490
Roof inspection	$50
Termite inspection	$88
Title search	$119
Mortgage insurance premium	1.2% of amount financed
Documentary stamps	of amount financed

As Adam’s real estate agent, he has asked you the following questions:

a. What is the total monthly PITI of the mortgage loan?

b. What is the total amount of interest that Adam will pay on the loan?

c. How much is due at the time of the closing?

d. If the sellers are responsible for the 6 % broker's commission, $900 in closing costs, and the existing first mortgage with a balance of $45,000, what proceeds will be received on the sale of the property?

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Chapter 14, Problem 16AT

Chapter 14, Problem 18AT

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Chapter 14 Solutions

Contemporary Mathematics for Business & Consumers

Ch. 14.I - What is the monthly payment and total interest on...Ch. 14.I - Prob. 2TIE Ch. 14.I - Prob. 3TIE Ch. 14.I - Prob. 4TIE Ch. 14.I - Prob. 5TIE Ch. 14.I - Using Table 14-1 as needed, calculate the required...Ch. 14.I - Prob. 2RE Ch. 14.I - Using Table 14-1 as needed, calculate the required...Ch. 14.I - Prob. 4RE Ch. 14.I - Prob. 5RE

Ch. 14.I - Prob. 6RE Ch. 14.I - Using Table 14-1 as needed, calculate the required...Ch. 14.I - Prob. 8RE Ch. 14.I - As one of the loan officers for Grove Gate Bank,...Ch. 14.I - As one of the loan officers for Grove Gate Bank,...Ch. 14.I - As one of the loan officers for Grove Gate Bank,...Ch. 14.I - As one of the loan officers for Grove Gate Bank,...Ch. 14.I - As one of the loan officers for Grove Gate Bank,...Ch. 14.I - As one of the loan officers for Grove Gate Bank,...Ch. 14.I - Ben and Mal Scott plan to buy a home for $272,900....Ch. 14.I - 16. Michael Sanchez purchased a condominium for...Ch. 14.I - 17. Luis Schambach is shopping for a 15-year...Ch. 14.I - 18. Phil Pittman is interested in a fixed-rate...Ch. 14.I - 19. Larry and Cindy Lynden purchased a townhome in...Ch. 14.I - Heather Gott bought a home with an adjustable-rate...Ch. 14.I - Joe and Gloria Moutran art purchasing a house in...Ch. 14.I - 22. You are a real estate broker for Aurora...Ch. 14.II - Justin Schaefer owns a home that was recently...Ch. 14.II - Roman Bass cams a gross income of $3,100 per...Ch. 14.II - For the following second mortgage applications,...Ch. 14.II - For the following second mortgage applications,...Ch. 14.II - For the following second mortgage applications,...Ch. 14.II - For the following second mortgage applications,...Ch. 14.II - For the following second mortgage applications,...Ch. 14.II - For the following second mortgage applications,...Ch. 14.II - For the following second mortgage applications,...Ch. 14.II - Calculate the housing expense ratio and the total...Ch. 14.II - Calculate the housing expense ratio and the total...Ch. 14.II - Prob. 10RE Ch. 14.II - Prob. 11RE Ch. 14.II - Prob. 12RE Ch. 14.II - Prob. 13RE Ch. 14.II - Prob. 14RE Ch. 14.II - Use Exhibit 14-4, Lending Ratio Guidelines, on...Ch. 14.II - 16. Ronald and Samantha Brady recently had their...Ch. 14.II - Prob. 17RE Ch. 14.II - Ransford and Alda Mariano own a home recently...Ch. 14.II - Prob. 19RE Ch. 14.II - Jamie and Alice Newmark have a combined monthly...Ch. 14.II - Prob. 21RE Ch. 14.II - According to moncy.CNN.com. with mortguge rates...Ch. 14 - 1. Land, including permanent improvements on that...Ch. 14 - A(n) ___________ is a loan in which real property...Ch. 14 - Mortgage ___________ points are an extra charge...Ch. 14 - Prob. 4CR Ch. 14 - 5. A(n) ___________ account is a bank account used...Ch. 14 - Prob. 6CR Ch. 14 - Prob. 7CR Ch. 14 - Prob. 8CR Ch. 14 - Prob. 9CR Ch. 14 - Prob. 10CR Ch. 14 - A home equity ___________ is a lump-sum second...Ch. 14 - Prob. 12CR Ch. 14 - Prob. 13CR Ch. 14 - Prob. 14CR Ch. 14 - Prob. 1AT Ch. 14 - Prob. 2AT Ch. 14 - Suzanne Arthurs purchased a home with a $146,100...Ch. 14 - Prob. 4AT Ch. 14 - Prob. 5AT Ch. 14 - Prob. 6AT Ch. 14 - Prob. 7AT Ch. 14 - Prob. 8AT Ch. 14 - Prob. 9AT Ch. 14 - Prob. 10AT Ch. 14 - Prob. 11AT Ch. 14 - 12. Dale Evans bought the Lazy D Ranch with an...Ch. 14 - 13. Diversified Investments purchased a 24-unit...Ch. 14 - Larry Mager purchased a ski lodge in Telluride for...Ch. 14 - 15. A Denny’s Restaurant franchisee is looking for...Ch. 14 - Prob. 16AT Ch. 14 - Adam Marsh is purchasing a $134,000 condominium...Ch. 14 - Prob. 18AT Ch. 14 - Prob. 19AT Ch. 14 - Prob. 20AT Ch. 14 - 21. Phil Armstrong earns a gross income of $5,355...Ch. 14 - 22. Magda Leon is applying for a home mortgage...

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