What is monthly monthly mortgage insurance premium for following FHA mortgage during the first year of the loan: • Gross loan amount including up-front mortgage insurance premium: $180,000 • Average balance of base loan amount in first year: $178,416 • Annual premium rate for FHA mortgage insurance (paid monthly): 0.85% (Input your answer rounded to the nearest whole penny and without the $ sign, e.g., 1000.01)

What is monthly monthly mortgage insurance premium for following FHA mortgage during the first year of the loan: • Gross loan amount including up-front mortgage insurance premium: $180,000 • Average balance of base loan amount in first year: $178,416 • Annual premium rate for FHA mortgage insurance (paid monthly): 0.85% (Input your answer rounded to the nearest whole penny and without the $ sign, e.g., 1000.01)

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 7FPE: Calculating interest and APR of installment loan. Assuming that interest is the only finance charge,...

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Find the indicated amounts for the fixed-rate mortgages. Monthly payment Mortgage рayment Purchase Total Down Mortgage Interest payment amount Interest price of home paid for mortgage Years rate paid per $1,000 $85,000 $8,000 6.00% 25 Click the icon to view the table of the monthly payment of principal and interest per $1,000 of the amount financed. The mortgage amount is S 77000 . (Round to the nearest dollar as needed.) The monthly payment per $1,000 is S 6.44'. (Round to the nearest cent as needed.) The monthly mortgage payment is S (Round to the nearest cent as needed.)
Years Annual interest rate financed 3.00% 3.25% 3.50% 3.75% 4.00% 4.25% 4.50% 4.75% 5.00% 5.25% 5.50% 5.75% 6.00% 6.25% 6.50% 6.75% 10 9.66 9.77 9.89 10.01 10.12 10.24 10.36 10.48 10.61 10.73 10.85 10.98 11.10 11.23 11.35 11.48 12 8.28 8.40 8.51 8.63 8.76 8.88 9.00 9.12 9.25 7.91 7.29 9.37 9.50 9.63 9.76 9.89 10.02 10.15 8.85 8.71 7.52 6.89 6.19 8.57 7.97 15 6.91 7.03 7.15 7.27 7.40 7.65 7.78 8.04 8.17 8.30 8.44 17 6.26 6.39 6.64 6.76 7.42 7.56 6.51 5.80 5.44 7.02 7.15 7.69 7.83 8.11 8.25 5.55 5.93 7.02 7.16 6.83 7.46 7.60 7.28 20 5.67 6.06 6.33 6.46 6.60 6.74 6.88 7.31 6.98 6.60 7.13 6.75 22 5.97 5.18 4.74 5.31 5.57 5.70 5.84 6.11 6.25 6.39 6.54 6.68 25 4.87 5.01 5.14 5.28 5.42 5.56 5.70 5.85 5.99 6.14 6.29 6.44 6.91 30 4.22 4.35 4.49 4.63 4.77 4.92 5.07 5.22 5.37 5.52 5.68 5.84 6.00 6.16 6.32 6.49 35 3.85 3.99 4.13 4.28 4.43 4.58 4.73 4.89 5.05 5.21 5.37 5.54 5.70 5.87 6.04 6.21
Using this table as needed, calculate the required information for the mortgage. Number Table Monthly Payment (in $) Term Total Amount Interest of $1,000s Financed of Loan Factor Interest Financed Rate (years) (in $) (in $) $74,500 8.00% $| 30
Find the indicated amounts for the fixed-rate mortgages. Purchase price of home Down Mortgage Interest payment amount Monthly payment Mortgage payment Total paid for mortgage Interest Years rate paid per $1,000 S130,000 | Click the icon to view the table of the monthly payment of principal and interest per $1,000 of the amount financed. 5.00% 30 The mortgage amount is $ (Round to the nearest dollar as needed.)
Find the indicated amounts for the fixed-rate mortgages. Monthly payment Mortgage per $1,000 Purchase Total Down Mortgage Interest Interest price of home payment amount paid for mortgage Years rate payment paid $85,000 $8,000 | Click the icon to view the table of the monthly payment of principal and interest per $1,000 of the amount financed. 6.00% 25 The mortgage amount is $ (Round to the nearest dollar as needed.)
Make an amortization table to show the first two payments for the mortgage. Amount of Annual interest rate Years in mortgage Monthly payment mortgage S404,356 5.00% 35 S2040.73 Monthly payment End-of-month Month Interest Principal principal 1 $2040.73 2 $2040.73 2$ (Round to the nearest cent as needed.)
Using this table as needed, calculate the required information for the mortgage. (Round dollars to the nearest cent.) AmountFinanced InterestRate Termof Loan(years) Numberof $1,000sFinanced TableFactor(in $) MonthlyPayment(in $) TotalInterest(in $) $162,300 5.25% 15 ? $ ? $ ? $ ?
Using this table as needed, calculate the required information for the mortgage. AmountFinanced InterestRate Termof Loan(years) Numberof $1,000sFinanced TableFactor(in $) MonthlyPayment(in $) TotalInterest(in $) $89,500 8.00% 30 $ $ $
Make an amortization table to show the first two payments for the mortgage. Amount of Annual interest rate Years in mortgage Monthly payment mortgage $85,000 6.00% 25 $547.40 End-of-month principal Monthly Month Interest Principal payment 1 $547.40 24 %$4 2 $547.40 (Round to the nearest cent as needed.)
Make an amortization table to show the first two payments for the mortgage. Amount of mortgage Annual interest rate Years in mortgage Monthly payment $407,550 5.25% 35 $2122.29 Month Monthly payment Interest Principal End-of-month principal 1 $2122.29 $enter your response here $enter your response here $enter your response here 2 $2122.29 $enter your response here $enter your response here $enter your response here
Find the total monthly payment, including taxes and insurance, for the given mortgage loan using the table. Calculator answers may be slightly different. (Round your answer to the nearest cent.) Amount Rate Time(Years) AnnualTaxes AnnualInsurance $183,000 5 1 2 % 15 $3000 $900
Calculate the monthly principal and interest (PI), using Table 14-1 from your text, and the monthly PITI for the following mortgage, rounding to the nearest cent. Amount. Financed $122,500 Interest. Rate 10% Term of Loan 30 years Monthly PI Annual Property Tax $2,218 Annual Insurance $1,450 Monthly PITI