Question

You are purchasing a home for $340,000. The down payment is 25% and the balance will be financed with a 25-year mortgage at 8% and 1 discount points. You put down a deposit of $10,000 (applied to the down payment) when the sales contract was signed. You also have these expenses: credit report, $80; appraisal fee, $140; title insurance premium, 1% of amount financed; title search, $300; and attorney's fees, $850. Find your amount due at the closing. a. $340,000 b. $81,470 c. $81,170 d. $57,655

Answer #1

answer is option B

Jason Bradley’s uncle, Maurice, is buying a $248,500 home in
Mississippi. His mortgage lender requires a 20% down payment and
will finance the remainder for 30 years at 5%. Closing costs will
be 1% origination fee, 1 ¼ point, mortgage insurance premium of
$2,400. Other loan costs will include a pest inspection fee of
$175, appraisal fee of $295, credit report fee of $80, title
insurance premium of $320, and recording fees of $65. There will
also be money collected...

Closing Cost. Larry and Laurie have found a home ans made a
$130,100 offer that has been accepted. They make a down payment of
15%. Their bank charges a loan origination fee of 0.7% of the loan
and points of 1.8% (both are based on the loan amount). Other fees
include a $25 loan application fee, a $270 appraisal fee, ans $370
for title search and insurance. How much cash will Larry and Laurie
need at closing?

The price of a condominium is
$103,000.
The bank requires a 5% down payment and one point at the time
of closing. The cost of the condominium is financed with a 30-year
fixed-rate mortgage at 8.5%.
Use the following formula to determine the regular payment
amount.
a. Find the required down payment.
$
b. Find the amount of the mortgage.
$
c. How much must be paid for the one point at
closing?
$
(Round to the nearest dollar as...

The price of a condominium is ?$128,000. The bank requires a? 5%
down payment and one point at the time of closing. The cost of the
condominium is financed with a? 30-year fixed-rate mortgage at
6.5%.
a.??Find the required down payment.
b.??Find the amount of the mortgage.
c.??How much must be paid for the one point at?
closing?
(Round to the nearest dollar as? needed.)
d.??Find the monthly payment? (excluding
escrowed taxes and? insurance).
?(Round to the nearest dollar as?...

Mr. Smith is purchasing a $ 90000 house. The down payment is
20 % of the price of the house.
He is given the choice of two mortgages:
a) a 25-year mortgage at a rate of 7 %.
Find
(i) the monthly payment: $
(ii) the total amount of interest paid: $
b) a 15-year mortgage at a rate of 7 %.
Find
(i) The monthly payment: $
(ii) the total amount of interest paid: $

Mr. Smith is purchasing a $ 120000 house. The down payment is 20
% of the price of the house.
He is given the choice of two mortgages:
a) a 25-year mortgage at a rate of 9 %.
Find
(i) the monthly payment: $
(ii) the total amount of interest paid: $
b) a 15-year mortgage at a rate of 9 %.
Find
(i) The monthly payment: $
(ii) the total amount of interest paid: $

Mr. Smith is purchasing a $ 120000 house. The down payment is 20
% of the price of the house.
He is given the choice of two mortgages:
a) a 25-year mortgage at a rate of 7 %.
Find
(i) the monthly payment: $
(ii) the total amount of interest paid: $
b) a 15-year mortgage at a rate of 7 %.
Find
(i) The monthly payment: $
(ii) the total amount of interest paid: $

Mr. Smith is purchasing a $ 190000 house. The down payment is 20
% of the price of the house.
He is given the choice of two mortgages:
a) a 25-year mortgage at a rate of 9 %.
Find
(i) the monthly payment: $
(ii) the total amount of interest paid: $
b) a 15-year mortgage at a rate of 9 %.
Find
(i) The monthly payment: $
(ii) the total amount of interest paid: $

In the context of purchasing a house, title search, appraisal
fees, and origination fees are examples of
a.
tax deductible expenses.
b.
monthly payments toward principal.
c.
monthly payments toward interest.
d.
closing costs.
e.
collateral toward the loan.
Due to greater tolerance for allowing loans to people with
__________ credit scores, installment loans from consumer finance
companies or sales finance companies tend to carry _________
interest rates compared to those of the same installment loans from
banks.
a.
higher;...

24.You plan on purchasing a $650,000 home. You’ll put 20% down
and borrow the balance from Santander Bank. You borrow the money on
a 30-year loan with an APR of 6.5%. (15 points 4/3/3/3/3) a. What
is your monthly mortgage? b. Five years later, what is the balance
on the loan? c. In the first five years, how much interest did you
pay?

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