please help ( show work )

savings. Use this intormation to determine If you have home you've chosen. Monthly Liabilities liabilities Gross Monthly Income You $2,775 $200 Student Loan Payment $350 Car Payment $325 Student Loan Payment Your Partner $4,050 Savings $25,000 $26,500 LOAN OPTIONS Required down payment Interest Rate Term Points Loan 1 20% 3.5% 30 years fixed Loan 2 20% 3.0% 15 years fixed 2 2 Feel free to cut and paste the questions into your own document, and show the work with each problem. (Or print and handwrite, as long as you can create a pdf of the finished product.) REMEMBER TO SHOW ALL REQUIRED WORK! Round all money to the penny.(i.e. - $213 = $213.00) MAT102 Project #2 S20 - PE 3 **4.) Using the 28% rule, calculate the maximum monthly payment the mortgage lender will determine you can afford. Show your calculations. (3 pts) Maximum monthly mortgage payment: 5.) Based on your income and your savings, can you afford the home you have chosen? Explain. (3 pts.) 6.) Which loan option did you choose? Why? (4 pts.) **7.) Calculate the TOTAL cost of the house for both loan options. Remember to include interest, principal, down payment, and points. (Do not include taxes and insurance payments.) Show your calculations. House #4 Detached Single MS # 09498371 Price: $175.000 SACI Dal 02/08/2017 Origt PCR 5175.000 A 160 Ust D ec 02/08/2017 Sold Price A 1404 N 3rd Ave, Melrose Park Innos 60160 Direction LAKE STREET TO BRD NORTH TO HOME List. Mit me 23 Cened Point Financing Cortingency Yet 1926 Before 76 Yes Curt Lead mensions: 44x132 Ownership Fee Simple Subdivision Model: Corps Melrose Top Previso County Cook Park Coordinates Fireplaces Rooms: 10 Bathroom2/0 Parking Garage ( ): Bedrooms 3 Master Bath None Space Gant Best Full Bent Barth: Yes Parking Ind. Yes In Price Remarks: WELL MAINTAINED HOME WITH POSSIBLE IN LAW ARRANGEMENT FULL BASEMENT WITH PRIVATE ENTRANCE AND KITCHEN HOOKUPI TWO POSSIBLE BEDROOMS PLUS FULL BATHROOM IN BASEMENT. SPACIOUS LIVING ROOM WITH NEUTRAL CARPET CHARDWOOD FLOORS UNDERNEATH) AND NEW FRONT WINDOW, FORMAL DINING ROOM, FIRST FLOOR BATHROOM WITH WHIRLPOOL TUB WALK UP ATTIC (34X10) WOULD BE PERFECT FOR EXPANSIONI ROOF, SIDING, WINDOWS AND CENTRAL AIR CONDITIONING APPROX 10 YEARS. GARAGE WITH ADDITIONAL PARKING IN BACK CONVENIENT TO EXPRESSWAYS AND SHOPPING! School Data Elementary (88) Junior High: (88) High School: (209) Assessments Miscellaneous Amount: $0 Amount: $3,346.32 Waterfront: No Frequency: Not PIN:15043060100000 Apex 5:0 Applicable Mut PINS: SF Source: Not Tax Year: 2015 Reported Special Assessments: No Tax Exos Assessors Special Service Area: No Acrage Master Association No Square footage Comments: Room Name Size Level Flooring Win Trmt Room Name Size Level Flooring Living Room 15X13 Main Level Win Temt Carpet Master Bedroom 14X11 Main Level Carpet Dining Room 15x12 Main Level Carpet 2nd Bedroom 11X11 Main Level Carpet Kitchen 13X10 Main Level Vinyl 3rd Bedroom 11X11 Main Level Carpet Family Room 40X12 Basement 4th Bedroom Not Applicable Laundry Room 10X06 Basement Den 11X10 Basement A 34X10 2nd Level Bonus 11X10 Basement Mud Room 6x6 Main Level Interior Party Features Hardwood Floors, Lat Floor Bedroom, In-Law Arrangement, Ist floor Full Bath Exterior Property Features Porch Age: 91-100 Years Additional Rooms: Den, Attic, Bonus, Mud Type1 Story Room Sewer: Sewer Public Style: Bungalow Garage Ownershi: Owned Water Lake Michigan Exterior Vinyl Siding Garage One Yes Const Dots Ar Cond Central Air Garage Type: Detached General Info Interstate Access Healing: Gas, Baseboard Garage Details: Amenities Kitchen Parking Ownership Antinck None Parking On Ste: Appliances Oven/Range, Microwave, Dishwasher, Refrigerator, Washer, Dryer Parking Details Groen Dact De Separate Driveway Green Rating Source: AR Foundation Green Feats ament De Partially Finished Best Band Sales Disability Access: No Bath And Whirlpool Possessione Closing Disability Details Our Date Exposure Adi Sesto: None Fireplace Location Lot S Less Than 25 Acre Agent Owneberest: No F : CO Detectors, Ceiling Fan Preosed By Sue W W . Reedy Real Estate 03/02/2017 05:19 AM savings. Use this intormation to determine If you have home you've chosen. Monthly Liabilities liabilities Gross Monthly Income You $2,775 $200 Student Loan Payment $350 Car Payment $325 Student Loan Payment Your Partner $4,050 Savings $25,000 $26,500 LOAN OPTIONS Required down payment Interest Rate Term Points Loan 1 20% 3.5% 30 years fixed Loan 2 20% 3.0% 15 years fixed 2 2 Feel free to cut and paste the questions into your own document, and show the work with each problem. (Or print and handwrite, as long as you can create a pdf of the finished product.) REMEMBER TO SHOW ALL REQUIRED WORK! Round all money to the penny.(i.e. - $213 = $213.00) MAT102 Project #2 S20 - PE 3 **4.) Using the 28% rule, calculate the maximum monthly payment the mortgage lender will determine you can afford. Show your calculations. (3 pts) Maximum monthly mortgage payment: 5.) Based on your income and your savings, can you afford the home you have chosen? Explain. (3 pts.) 6.) Which loan option did you choose? Why? (4 pts.) **7.) Calculate the TOTAL cost of the house for both loan options. Remember to include interest, principal, down payment, and points. (Do not include taxes and insurance payments.) Show your calculations. House #4 Detached Single MS # 09498371 Price: $175.000 SACI Dal 02/08/2017 Origt PCR 5175.000 A 160 Ust D ec 02/08/2017 Sold Price A 1404 N 3rd Ave, Melrose Park Innos 60160 Direction LAKE STREET TO BRD NORTH TO HOME List. Mit me 23 Cened Point Financing Cortingency Yet 1926 Before 76 Yes Curt Lead mensions: 44x132 Ownership Fee Simple Subdivision Model: Corps Melrose Top Previso County Cook Park Coordinates Fireplaces Rooms: 10 Bathroom2/0 Parking Garage ( ): Bedrooms 3 Master Bath None Space Gant Best Full Bent Barth: Yes Parking Ind. Yes In Price Remarks: WELL MAINTAINED HOME WITH POSSIBLE IN LAW ARRANGEMENT FULL BASEMENT WITH PRIVATE ENTRANCE AND KITCHEN HOOKUPI TWO POSSIBLE BEDROOMS PLUS FULL BATHROOM IN BASEMENT. SPACIOUS LIVING ROOM WITH NEUTRAL CARPET CHARDWOOD FLOORS UNDERNEATH) AND NEW FRONT WINDOW, FORMAL DINING ROOM, FIRST FLOOR BATHROOM WITH WHIRLPOOL TUB WALK UP ATTIC (34X10) WOULD BE PERFECT FOR EXPANSIONI ROOF, SIDING, WINDOWS AND CENTRAL AIR CONDITIONING APPROX 10 YEARS. GARAGE WITH ADDITIONAL PARKING IN BACK CONVENIENT TO EXPRESSWAYS AND SHOPPING! School Data Elementary (88) Junior High: (88) High School: (209) Assessments Miscellaneous Amount: $0 Amount: $3,346.32 Waterfront: No Frequency: Not PIN:15043060100000 Apex 5:0 Applicable Mut PINS: SF Source: Not Tax Year: 2015 Reported Special Assessments: No Tax Exos Assessors Special Service Area: No Acrage Master Association No Square footage Comments: Room Name Size Level Flooring Win Trmt Room Name Size Level Flooring Living Room 15X13 Main Level Win Temt Carpet Master Bedroom 14X11 Main Level Carpet Dining Room 15x12 Main Level Carpet 2nd Bedroom 11X11 Main Level Carpet Kitchen 13X10 Main Level Vinyl 3rd Bedroom 11X11 Main Level Carpet Family Room 40X12 Basement 4th Bedroom Not Applicable Laundry Room 10X06 Basement Den 11X10 Basement A 34X10 2nd Level Bonus 11X10 Basement Mud Room 6x6 Main Level Interior Party Features Hardwood Floors, Lat Floor Bedroom, In-Law Arrangement, Ist floor Full Bath Exterior Property Features Porch Age: 91-100 Years Additional Rooms: Den, Attic, Bonus, Mud Type1 Story Room Sewer: Sewer Public Style: Bungalow Garage Ownershi: Owned Water Lake Michigan Exterior Vinyl Siding Garage One Yes Const Dots Ar Cond Central Air Garage Type: Detached General Info Interstate Access Healing: Gas, Baseboard Garage Details: Amenities Kitchen Parking Ownership Antinck None Parking On Ste: Appliances Oven/Range, Microwave, Dishwasher, Refrigerator, Washer, Dryer Parking Details Groen Dact De Separate Driveway Green Rating Source: AR Foundation Green Feats ament De Partially Finished Best Band Sales Disability Access: No Bath And Whirlpool Possessione Closing Disability Details Our Date Exposure Adi Sesto: None Fireplace Location Lot S Less Than 25 Acre Agent Owneberest: No F : CO Detectors, Ceiling Fan Preosed By Sue W W . Reedy Real Estate 03/02/2017 05:19 AM