A couple found a house selling for $115,500. The taxes on the house are $1200 per year, and insurance is $360 per year. They are requesting a conventional loan from the local bank. The bank is currently requiring a 15% down payment and 3 points, and the interest rate is 10%. The couple's gross monthly income is $4850. They have more than 10 monthly payments remaining on a car, a boat, and furniture. The total monthly payments for these items is 5420. Their bank will approve a loan that has a total monthly mortgage payment of principal, interest, property taxes, and homeowners insurance that is less than or equal to 28% of their adjusted monthly income. Complete parts a) through g) below. 28% of their adjusted monthly income is .(Round to the nearest dollar as needed) d) Determine the monthly payments of principal and interest for a 20-year loan. The monthly payment of principal and interest for a 20-year loan is $ (Round to the nearest cent as needed) e) Determine their total monthly payment, including homeowners insurance and taxes. Their total monthly payment, including homeowners' insurance and taxes is $ (Round to the nearest cent as needed) Determine whether the couple will quality for the 20-year loan. Choose the correct answer below. empts Oo Yes NO a) Determine how much of the first payment on the loan is applied to the principal The amount of the first payment that is applied to the principal is $ (Round to the nearest cent as needed.) Click to select your answer(s) acer > A couple found a house selling for $115,500. The taxes on the house are $1200 per year, and insurance is $360 per year. They are requesting a conventional loan from the local bank. The bank is currently requiring a 15% down payment and 3 points, and the interest rate is 10%. The couple's gross monthly income is $4850. They have more than 10 monthly payments remaining on a car, a boat, and furniture. The total monthly payments for these items is $420. Their bank wil approve a loan that has a total monthly mortgage payment of principal, interest, property taxes, and homeowners' insurance that is less than or equal to 28% of their adjusted monthly income. Complete parts a) through g) below. a) Determine the required down payment. The required down payment is s. b) Determine the cost of the 3 points. The cost of the three points is s. (Round to the nearest dollar as needed.) c) Determine 28% of their adjusted monthly income. 28% of their adjusted monttwy income is $(Round to the nearest dollar as needed) d) Determine the monthly payments of principal and interest for a 20-year loan The monthly payment of principal and interest for a 20-year loan is (Round to the newest cent as needed) e) Determine their total monthly payment, including homeowners Insurance and taxes Their total monthly payment, including homeowners Insurance and taxes is (Round to the nearest cent as needed) Determine whether the couple wil quality for the 20-year loan. Choose the correct answer below Click to select your answer(s). acer
