43. What is the monthly payment on a $53,000 mortgage payable over 25 years at 8 1/2 % interest rate? The Per 1,000 Factor is 8.06; the annual property taxes are $1,750; the annual property insurance premium is $380; and the payment will be to PITI. A. $595.67 B. $580.50 C) $604.68 D. $689.48

Use the following data to solve problems #44 & # 45. Your buyer has a gross verifiable monthly income of $8,000 and total recurring monthly debts of $750. The lender is using an Income-to-Payment ration of 28% and a Debt-to-Income Ratio of 36%.

44. What is the maximum mortgage payment that will be permitted by the lender? A. $2,130 B. $2,430 C. $2,880 8,000x20= 2,240 D. $2,440

45. What is the maximum PITI payment if the buyer did NOT have the $750 in monthly debt? A $2,240 B. $2,880 C$2,130 D. $2,430 8,000 X. 36= 2,880 750= 2,130

46. Before approving a mortgage loan application, the lender will require a mortgage loan application, a credit report and a copy of the purchase agreement. While evaluating these documents, the lender is NOT concerned that A. the buyer has demonstrated responsibility in repaying debts according to schedule. B the buyer paid too much for the property. C. the buyer has sufficient cash to complete the transaction. D. the buyer has sufficient income, after debts have been paid, to make the monthly payments.

47. Which of the following is true about Regulation Z advertising requirements? (A) If an interest rate is being advertised, the annual percentage rate must also be stated. B. The annual percentage rate cannot be more conspicuous than the advertised rate. C. If the advertisement includes down payment information, the only additional information required is the number of payments. D. If the advertisement includes a payment amount, it must include any additional fees that could be assessed at closing.