Refer to Narrative 14-1. You purchase a home for $69,750 at 6.75% for 30 years.
ID: 2901487 • Letter: R
Question
Refer to Narrative 14-1. You purchase a home for $69,750 at 6.75% for 30 years. The property taxes are $2,450 per year, and the hazard insurance premium is $256 semiannually. Find the monthly PITI payment.
Answer
$246.83
$699.51
$1,059.40
$594.73
Answer
$495.86
$641.88
$528.33
$731.67
Refer to Narrative 14-1. You are purchasing a home for $220,000. The down payment is 30% and the balance will be financed with a 20-year mortgage at 9% and 2 discount points. You put down a deposit of $5,000 (applied to the down payment) when the sales contract was signed. You also have these expenses: credit report, $70; appraisal fee, $110; title insurance premium, 1% of amount financed; title search, $225; and attorney's fees, $600. Find your amount due at the closing.
Answer
$10,314
$66,625
$78,912
$58,655
Refer to Narrative 14-1. You are interested in purchasing a home listed at $120,000. The down payment is 30% and the balance will be financed with a 20-year mortgage at 9% and 3 discount points. You put down a deposit (applied to the down payment) of $15,000 when you signed the sales contract. You also have these expenses: credit report, $80; appraisal fee, $100; title insurance premium, 1% of amount financed; title search, $175; and attorneys fees, $600. Find your amount due at the closing.
Answer
$25,315.00
$10,315.00
$22,795.00
$24,475.00
a.$246.83
b.$699.51
c.$1,059.40
d.$594.73
Explanation / Answer
3.b. $699.51
4.a. $495.86
5.b. $66,625
6.c. $22,795.00