Question: Use the below information to answer the following 7 questions. Home purchase amount: $260,000 LTV: 95% Term & Am: 30 years Interest Rate: 4.0% Holding




Use the below information to answer the following 7 questions. Home purchase amount: $260,000 LTV: 95% Term & Am: 30 years Interest Rate: 4.0% Holding period: 7 years Closing Costs Discount point: 1.00% (paid to lender) Appraisal: $300 (paid to appraiser) Survey: $250 (paid to surveyor) Underwriting fee: $500 (paid to lender) Origination fee: 75% (paid to lender) PMI:.50% of original mortgage amount, paid per year on a monthly basis to the insurer How much principal will be paid during the holding period? O $42,572 O $33,117 O $36,564 O $247.000 O $34,433 What is your monthly payment (principal and interest)? O $1,017 O $1,179 O $1,733 O $1,220 O $1,471 What it the OMB at the end of the holding period? O $ 200,432 O $ 205,752 O $ 223,405 O $ 242,428 O $ 212,567 How much total interest will be paid over the holding period? O $33,689 O $79,213 O $247,000 O $99,054 O $64,621
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