problem 8-4

On August 20, Mr, and Mrs. Cleaver decided to buy a property from Mr, and Mrs. Ward for $107,000, On August 30, Mr, and Mrs. Cleaver obtained a loan commitment from OKAY National Bank for an $84,400 conventional loan at 5 percent for 34 years. The lender informs Mt. and Mrs. Cleaver that a $2,140 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 settiement 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: Complete this question by entering your answers in the tabs below. What are the amounts due from the borrower and due to the selier at closing? (Round your intermediate dollar values and final ariswer to 2 decimal places.) for part of the $808-per-year real estate tax (for 264 days) is due to buyer from seller at closing. Required: a. What are the amounts due from the borrower and due to the seller at closing? b. What would be the disciosed annual percentage rate as required under the Truth-in-Lending Act? c. When will the first regular monthly mortgage payment be due from the borrower? Complete this question by entering your answers in the tabs below. What are the amounts due from the borrower and due to the seller at closing? (Round your intermediate dollar values and final answer to 2 decimal places.) Complete this question by entering your answers in the tabs below. What would be the disclosed annual percentage rate as required under the Truth-in-Lending Act? (Do not round intermediate percentages, Round intermediate doliar values to 2 decimal places. Enter your final answer as a percent rounded to 2 decimal. places.) Required: a. What are the amounts due from the borrower and due to the selier at closing? b. What would be the disclosed annual percentage rate as required under the Truth-in-Lending Act? c. When will the first regular monthly mortgage payment be due from the borrower? Complete this question by entering your answers in the tabs below. When will the first regular monthly mortgage payment be due from the borrower