1.Find the total monthlypayment, including taxes and insurance. Mortgage : 89,400 Interest Rate : 3.5 % Term...
Question:
1.Find the total monthlypayment, including taxes and insurance.
Mortgage : 89,400
Interest Rate : 3.5 %
Term of Loan : 15 years
Annual Taxes : 906
Annual Insurance : 333
The total monthly payment is?
.
(Round to the nearest cent asneeded.)
2.The table shows closing costs for a purchase of a $183,000 house requiring a 21% down payment. Find the total closing costs.
Title insurance premium : $240
Document recording fee :$30
Loan fee (3 points)
Appraisal fee :$225
Prorated property taxes :$651
Prorated insurance premium :$300
What are the total closing costs?
3.Suppose you want to purchase a $296,000 home, and you have the required $61,000 down payment in savings. Complete the table below for a mortgage option presented by a mortgage broker. Complete the table below.
Principal : 235,000
Interest Rate : 4.500%
Terms(years) : 25
Payment : ?
Total of Payments
over Life of Loan :
Total Interest Paid
over Life of Loan :
Round to the nearest cent as needed.)
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill