Matt has found a condominium in an area where he would enjoy living. He would need a $ 5,000 down payment from his savings and would have to pay closing costs of $ 2,500 to purchase the condo. His monthly mortgage payments would be $ 520 including property taxes and insurance. The condominium’s homeowner’s association charges maintenance fees of $ 400 per year. Calculate the cost of Matt’s condo during the first year if he currently has the $ 5,000 down payment invested in an account earning 5% interest.
Answer to relevant QuestionsMatt paid mort-gage interest of $ 4,330 during his first year in the condo. His property taxes were $ 600, and his homeowner’s insurance was $ 460. If Matt is in a 25% marginal tax rate bracket, what were his tax savings ...Refer to Brad’s personal cash flow statement that you developed in Part 1. Re-compute his expenses to determine if Brad can afford to a. Purchase the new car b. Lease the new car c. Purchase the condo d. Purchase the ...What is the intent of no fault insurance? How does no fault insurance generally work? What is a disadvantage of no fault insurance? What is risk? What is risk management? How does insurance fit into risk management? What do policy limits of 25/ 50/ 25 mean? Do you think the minimum amounts of liability insurance required by your state are suitable for all drivers? Explain your answer.
Post your question