Refer to Narrative 14-1. You purchase a home for $69,750 at 6.75% for 30 years.

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

$246.83

$699.51

$1,059.40

$594.73

Explanation / Answer

3.b.   $699.51

4.a.   $495.86

5.b.   $66,625

6.c.   $22,795.00

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