Estilos Prrafo Now, let's go house shopping. Afta a down payment of $20,000, you are approved to borrow $160,000 to purchase a bome at an annual interest rate of 5%. 12) [3] to determine your monthly payment for a 30-year mortgage 13) [5] Find your (annual property taxes if the assessment rate in the township is 50% and the tax rate based on assessed value is 30 mils. (Note: The value of the home is $180,000). 14) 131 Assume that property taxes and homeowner's insurance are escrowed (paid in monthly installments). If the annual homeowner's insurance premium is $720, find the total amount that you must pay to the bank each month Many people count on tax returns for income to help them catch up on bills, buy something nice, etc. 15) [6] Use the tax to calculate your income tax liability. Assume one exemption and filing as a single individual 16) 2 Use the federal withholding from #7 (assuming that this is typical of a paycheck) to find the annual federal tax paid. 17) (4) Determine if you will get a refund or have to pay the IRS after you file your taxes, and the amount of money. How much do you have to pay get refunded? Federal paithholding (168.91) And now, for the big questions 18) [10] Consider what you spend on housing and car alone, and compare it to what you eam. How much is left per month for the other essentials (utilities, gasoline, food, etc.). Do you feel that the income supports the home and auto purchases that were made? Explain your answer...one paragraph should be sufficient. Use the information from this problem set to answer the question and not your own income expenses Estilos Prrafo Now, let's go house shopping. Afta a down payment of $20,000, you are approved to borrow $160,000 to purchase a bome at an annual interest rate of 5%. 12) [3] to determine your monthly payment for a 30-year mortgage 13) [5] Find your (annual property taxes if the assessment rate in the township is 50% and the tax rate based on assessed value is 30 mils. (Note: The value of the home is $180,000). 14) 131 Assume that property taxes and homeowner's insurance are escrowed (paid in monthly installments). If the annual homeowner's insurance premium is $720, find the total amount that you must pay to the bank each month Many people count on tax returns for income to help them catch up on bills, buy something nice, etc. 15) [6] Use the tax to calculate your income tax liability. Assume one exemption and filing as a single individual 16) 2 Use the federal withholding from #7 (assuming that this is typical of a paycheck) to find the annual federal tax paid. 17) (4) Determine if you will get a refund or have to pay the IRS after you file your taxes, and the amount of money. How much do you have to pay get refunded? Federal paithholding (168.91) And now, for the big questions 18) [10] Consider what you spend on housing and car alone, and compare it to what you eam. How much is left per month for the other essentials (utilities, gasoline, food, etc.). Do you feel that the income supports the home and auto purchases that were made? Explain your answer...one paragraph should be sufficient. Use the information from this problem set to answer the question and not your own income expenses
