Question

You are in the 25% tax bracket The apartment rents for 1100 per month Your monthly...

You are in the 25% tax bracket The apartment rents for 1100 per month Your monthly mortgage payments would be 2000 of which an aver of 1900 per month goes toward interest during the first year determine whether renting or buying is cheaper in terms of monthly payments during the first year assume you are itemizing deductions
Is it cheaper to own or rent

Math   Advanced-Math   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Please give me ?

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Sarah would like to purchase a condo in Vancouver. She currently rents an apartment for $4,500...
Sarah would like to purchase a condo in Vancouver. She currently rents an apartment for $4,500 per month. The condo she is looking at costs $1,600,000. She intends to put $300,000 down. The condo has monthly condo fees of $300/month, property taxes of $200/month and repairs of $100/month. She can obtain a 30-year mortgage for 3% per year compounded monthly. There are the following closing costs at purchase: Land transfer tax $20,000 Legal fees $1,500 There are the following closing...
Kayla Thompson is married and currently rents an apartment for $575 per month and paying $200...
Kayla Thompson is married and currently rents an apartment for $575 per month and paying $200 annually for renter's insurance. Her landlord required a $1,000 security deposit on the apartment. She just found a small townhouse she can buy for $285,000. She has enough cash for a $10,000 down payment and $4,200 in closing costs. Her bank is offering 30-year mortgages at a 6 percent annual rate. Kayla estimated the following costs as a percentage of the home's price: property...
An apartment complex rents an apartment with a three-year lease for $1025 per month. If money...
An apartment complex rents an apartment with a three-year lease for $1025 per month. If money is worth 4.25% compounded monthly, how much would a bank pay for the lease today?
Teresa rents her apartment for $642 per month, utilities not included. When she moved in, she...
Teresa rents her apartment for $642 per month, utilities not included. When she moved in, she paid a $730 security deposit using money from her savings account that was paying 4% interest. Her renter's insurance costs her $57 per year. What are Teresa's total annual costs of renting?
Question 1: You found an apartment (A) for $1,000 per month, and they’re offering the first...
Question 1: You found an apartment (A) for $1,000 per month, and they’re offering the first month for free. You also found an apartment (B) on for $915 a month (with no first month for free!). The monthly interest rate is 1%. If you are planning on living there for 12 months, from a purely financial standpoint, 1. Which would you prefer? (Rent is due at the beginning of the month) 2. What if apartment A offered the last month...
5. You have moved into an apartment following graduation. Your apartment costs $750 per month, due...
5. You have moved into an apartment following graduation. Your apartment costs $750 per month, due at the beginning of each month. If you signed a 12-month rental agreement, what is the present value of the rent payments, assuming an annual interest rate of 10%? Show all work and/or numbers entered.
Joe got a job offer and he decided to rent his own apartment. He visited apartment...
Joe got a job offer and he decided to rent his own apartment. He visited apartment A and was very satisfied. He has already paid a deposit of $1,000 on a 12-month apartment lease, but he still has NOT paid the first month’s rent and signed any contract yet. The monthly rent for apartment A is $1,000, and the deposit is refundable at the end of twelve months upon completion of the lease contract. The next day, Joe finds a...
Joe got a job offer and he decided to rent his own apartment. He visited apartment...
Joe got a job offer and he decided to rent his own apartment. He visited apartment A and was very satisfied. He has already paid a deposit of $1,000 on a 12-month apartment lease, but he still has NOT paid the first month’s rent and signed any contract yet. The monthly rent for apartment A is $1,000, and the deposit is refundable at the end of twelve months upon completion of the lease contract. The next day, Joe finds a...
Suppose, you sold an apartment house by accepting $1,000,000 down and monthly payments of $15,000 per...
Suppose, you sold an apartment house by accepting $1,000,000 down and monthly payments of $15,000 per month for 10 years. You place the entire down payment and all payments as they are received into a money market account earning 5 percent compounded monthly. What is the amount you will have accumulated in the money market account when the mortgage is paid off?
you just took out a $500,000, 20-year mortgage from CIBC. ASSume your effective monthly rate of...
you just took out a $500,000, 20-year mortgage from CIBC. ASSume your effective monthly rate of interest is 0.5% and your monthly payments are $3582.16. (a) How much of your first monthly payment goes toward principal repayment? (b) how much of your 50th monthly payment goes toward interest?
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT