A lender is offering an 11 percent fixed rate mortgage, requiring a down payment equal to 20 percent of the home’s purchase price. The lender estimates that closing costs should be equal to $500 plus four points. How much will closing costs be on a $120,000 home?
Answer to relevant QuestionsWhat are some important characteristics of adjustable rate loans that you should examine carefully? 1. Estimate the affordable mortgage and the affordable purchase price for the Bergholts. 2. Suppose they do qualify. What other factors might they consider before purchasing and taking out a home mortgage? 3. What future ...Very briefly highlight the seven federal laws (discussed in this chapter) regulating the securities industry. 1. Using a format similar to the one illustrated in this chapter, show the results of Rose’s experiment. 2. Calculate the following: (a) the portfolio’s dollar gain or loss, (b) the rate of return for the six-month ...What sources of risk are associated with the overall economy? What sources are associated with individual issuers of securities? Explain two perspectives of the relationship of risk to time.
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