Question
1. Channing is looking to buy the house on the hill that is listed for $415,000. The Bank said that it would approve his loan
1. Channing is looking to buy the house on the hill that is listed for $415,000. The Bank said that it would approve his loan for 30 years at 3.60% if he puts 5.0% down, and his monthly mortgage payments, including escrow amounts, are equal to 32.% of his Gross Monthly Income (GMI). His annual property taxes would be $3,600 and his annual insurance premium would be $384. What is Channing's monthly mortgage payment including escrow amounts?
2. Channing is looking to buy the house on the hill that is listed for $415,000. The Bank said that it would approve his loan for 30 years at 3.60% if he puts 5.0% down, and his monthly mortgage payments, including escrow amounts, are equal to 32.% of his Gross Monthly Income (GMI). His annual property taxes would be $3,600 and his annual insurance premium would be $384. What must Channing's annual income be in order to buy this house?
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Essentials Of Real Estate Finance
Authors: David Sirota
11th Edition
1419520911, 9781419520914
