Helen is looking for a new home in Burnaby. a. The bank employs the 30% rule: no more than 30% of your gross income may be allocated to mortgage and property tax. Helen has a gross monthly income of $7,000, and expects to have to pay $2,400 a year in property tax. What is the maximum mortgage she qualifies for, if she is looking for a 25 year amortization at 3.6% compounded semi-annually? Fill out the table below. 0 MI 0 N 0 CAY 0 PAY Fill out the table below. ljenuue-iwas papunodwo ZOECD UDZD OLID pak.cz 10. QUOOLSLUS 101 Sauubnb aus a 90210U IN PV PMT 0 FV BGN BGN/ON NOTE: Make PV Positive Enter "CPT" for the value that needs to be computed. NOTE: Make PV Positive Enter "CPT" for the value that needs to be computed. Maximum mortgage: $0.00 Round to the nearest cent b. Helen decides to buy a home for $310,000 and make a 20% down payment. She opts for a 25-year amortization period and a five-year term at 3.6% compounded semi-annually. How much will her monthly mortgage payment be? The bank has a policy of rounding up to the nearest dollar. semi-annually. How much will her monthly mortgage payment be? The bank has a policy of rounding up to the nearest dollar. Fill out the table below. PNY 0 CAY 0 N 0 IN 0 INY 0 PV 0 PMT FV 0 BGN (click to select) NOTE: Make PV Positive BGN/ON END/OFF Enter "CPT" for the value that needs to be computed. NOTE: Make PV Positive Enter "CPT" for the value that needs to be computed. $0 Monthly Mortgage Payment: Round up to the nearest dollar N c. What will be the interest component of the 14th payment? $0.00 Round to the nearest cent d. How much will the payments in the fifth year reduce the principal (that is, how much principal was paid)? $0.00 Round to the nearest cent e. At the end of the fifth year, Helen makes a lump payment which reduces the size of their mortgage to $194,000. How much was the payment? $0.00 f. Helen is refinancing her mortgage of $194,000, at a new rate of 5.8% compounded semi-annually. She decides that she can afford monthly payments of $1,700. When will she pay off her mortgage? Fill out the table below. PNY 4 CNY 0 N Question 11 of 22 INY 0 PV 0 PMT FV 0 BGN NOTE: Make PV Positive BGN NOTE: Make PV Positive Enter "CPT" for the value that needs to be computed. In o payments Round up to the next payment In o year(s) and o month(s) Helen is looking for a new home in Burnaby. a. The bank employs the 30% rule: no more than 30% of your gross income may be allocated to mortgage and property tax. Helen has a gross monthly income of $7,000, and expects to have to pay $2,400 a year in property tax. What is the maximum mortgage she qualifies for, if she is looking for a 25 year amortization at 3.6% compounded semi-annually? Fill out the table below. 0 MI 0 N 0 CAY 0 PAY Fill out the table below. ljenuue-iwas papunodwo ZOECD UDZD OLID pak.cz 10. QUOOLSLUS 101 Sauubnb aus a 90210U IN PV PMT 0 FV BGN BGN/ON NOTE: Make PV Positive Enter "CPT" for the value that needs to be computed. NOTE: Make PV Positive Enter "CPT" for the value that needs to be computed. Maximum mortgage: $0.00 Round to the nearest cent b. Helen decides to buy a home for $310,000 and make a 20% down payment. She opts for a 25-year amortization period and a five-year term at 3.6% compounded semi-annually. How much will her monthly mortgage payment be? The bank has a policy of rounding up to the nearest dollar. semi-annually. How much will her monthly mortgage payment be? The bank has a policy of rounding up to the nearest dollar. Fill out the table below. PNY 0 CAY 0 N 0 IN 0 INY 0 PV 0 PMT FV 0 BGN (click to select) NOTE: Make PV Positive BGN/ON END/OFF Enter "CPT" for the value that needs to be computed. NOTE: Make PV Positive Enter "CPT" for the value that needs to be computed. $0 Monthly Mortgage Payment: Round up to the nearest dollar N c. What will be the interest component of the 14th payment? $0.00 Round to the nearest cent d. How much will the payments in the fifth year reduce the principal (that is, how much principal was paid)? $0.00 Round to the nearest cent e. At the end of the fifth year, Helen makes a lump payment which reduces the size of their mortgage to $194,000. How much was the payment? $0.00 f. Helen is refinancing her mortgage of $194,000, at a new rate of 5.8% compounded semi-annually. She decides that she can afford monthly payments of $1,700. When will she pay off her mortgage? Fill out the table below. PNY 4 CNY 0 N Question 11 of 22 INY 0 PV 0 PMT FV 0 BGN NOTE: Make PV Positive BGN NOTE: Make PV Positive Enter "CPT" for the value that needs to be computed. In o payments Round up to the next payment In o year(s) and o month(s)
