PERSONAL FINANCE,TAX UPDATE (LL)
13th Edition
ISBN: 9780357438855
Author: GARMAN
Publisher: CENGAGE L
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Chapter 3, Problem 7BYOPFM
Summary Introduction
To determine: Planning for non-monthly expenses over the year.
Introduction: Non-monthly expenses are budget killers that come out from nowhere but should be taken due care with proper planning to ensure that money has been spend without blowing out the budget. Such expenses consist of new vehicle, new house, vacation, anniversary party, etc.
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4. On August 20, Mr. and Mrs. Cleaver decided to buy a property from Mr. and Mrs. Ward for
$105,000. On August 30, Mr. and Mrs. Cleaver obtained a loan commitment from OKAY
National Bank for an $84,000 conventional loan at 5 percent for 30 years. The lender informs
Mr. and Mrs. Cleaver that a $2,100 loan origination fee will be required to obtain the loan. The
loan closing is to take place September 22. In addition, escrow accounts will be required for all
prorated property taxes and hazard insurance; however, no mortgage insurance is necessary. The
buyer will also pay a full year's premium for hazard insurance to Rock of Gibraltar Insurance
Company. A breakdown of expected settlement costs, provided by OKAY National Bank when
Mr. and Mrs. Cleaver inspect the uniform settlement statement as required under RESPA on
September 21, is as follows:
I. Transactions between buyer-borrower and third parties:
a. Recording fees--mortgage
b. Real estate transfer tax
c. Recording fees/document…
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Chapter 3 Solutions
PERSONAL FINANCE,TAX UPDATE (LL)
Ch. 3.1 - Prob. 1CCCh. 3.1 - What is the biggest financial worry of most...Ch. 3.1 - Prob. 3CCCh. 3.1 - Prob. 4CCCh. 3.2 - Prob. 1CCCh. 3.2 - Prob. 2CCCh. 3.2 - Prob. 3CCCh. 3.2 - Prob. 4CCCh. 3.2 - Which two financial ratios for evaluating...Ch. 3.3 - Prob. 1CC
Ch. 3.3 - Prob. 2CCCh. 3.4 - Prob. 1CCCh. 3.4 - Identify two money topics that you think might...Ch. 3.5 - Prob. 1CCCh. 3.5 - What are budget estimates? Offer some suggestions...Ch. 3.5 - How might one go about revising budget estimates...Ch. 3.5 - Prob. 4CCCh. 3.5 - Name different ways to handle budget variances.Ch. 3 - Prob. 1DTMCh. 3 - Calculating Net Worth and Net Surplus. Jennifer...Ch. 3 - Ratio Analyses. Now that Jennifer better...Ch. 3 - Prob. 4DTMCh. 3 - Prob. 5DTMCh. 3 - Prob. 6DTMCh. 3 - Prob. 1FPCCh. 3 - Prob. 2FPCCh. 3 - Prob. 3FPCCh. 3 - Prob. 4FPCCh. 3 - Prob. 5FPCCh. 3 - Prob. 1BYOPFMCh. 3 - Prob. 4BYOPFMCh. 3 - Prob. 5BYOPFMCh. 3 - Prob. 7BYOPFMCh. 3 - Prob. 10BYOPFMCh. 3 - Prob. 11BYOPFM
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