FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Suppose you want to buy a condo at a purchase price of $650,000 Your down payment is $102,500 Calculate your down payment percentage. Do you

  • Suppose you want to buy a condo at a purchase price of $650,000 Your down payment is $102,500

Calculate your down payment percentage.  Do you need to acquire mortgage insurance?

  1. Calculate your mortgage amount. 
  2. What is the loan-to-value percentage?
  3. What is the mortgage premium percentage? 
  4. Calculate your mortgage loan insurance premium.
  5. What is the total mortgage amount? (including any premiums)
  6. What down payment amount would you need to avoid purchasing house insurance?


Suppose you want to buy a house at a purchase price of $999,000 Your down payment is $155,000

  1. Calculate your down payment percentage.  Do you need to acquire mortgage insurance?
  2. Calculate your mortgage amount. 
  3. What is the loan-to-value percentage?
  4. What is the mortgage premium percentage? 
  5. Calculate your mortgage loan insurance premium.
  6. What is the total mortgage amount? (including any premiums)
  7. What down payment amount would you need to avoid purchasing house insurance?



Step by Step Solution

★★★★★

3.44 Rating (157 Votes )

There are 3 Steps involved in it

Step: 1

A Certainly lets calculate the various aspects of buying the condo 1 Calculate your down payment percentage Down Payment Percentage Down Payment Amount Purchase Price 100 Down Payment Percentage 10250... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Personal Finance

Personal Finance

Authors: Thomas Garman, Raymond Forgue

12th edition

9781305176409, 1133595839, 1305176405, 978-1133595830

More Books

Students also viewed these Finance questions

Question

★★★★★
Suppose you want to buy a house that costs P1,000,000. You give a downpayment of P200,000, and then you loan the remaining P800,000 from a bank. Your agreement with the bank is that you will pay for...

Answered: 1 week ago

Question

★★★★★
Suppose you want to buy a new house. you currently have $40,000 and you need to have a 15% down payment for the house plus an additional 5% of the loan amount for closing costs. Assume the type of...

Answered: 1 week ago

Question

★★★★★
Read the following question carefully, and answer what the question is asking for: "What", "When", "Why", "How Many" and provide examples where required. Sunrise Distributors recently completed a...

Answered: 1 week ago

Question

★★★★★
Draw isometric projection of the following figure 10 40 50 $30 Pg. 3 : 20

Answered: 1 week ago

Question

★★★★★
A digital controller is used to control the liquid level of the storage tank shown in Fig. The control valve has negligible dynamics and a steady-state gain, k v = 0.1 ft 3 /(min)(mA). The level...

Answered: 1 week ago

Question

★★★★★
4. How can a sports property measure the effectiveness of brand communications?

Answered: 1 week ago

Question

★★★★★
=+a) Here are the last several values of the series: 88.48, 134.45, 135.85, and 136.10. What price does this model predict for the next value in the series?

Answered: 1 week ago

Question

★★★★★
Cole Company manufactures only two products'a battery charger and a testing machine for automobile engines. An average of 30,000 chargers and 50,000 testers are sold each year. This year, Cole can...

Answered: 1 week ago

Question

★★★★★
Questions On September 1. Global Company factor Financing was to make receivable factored and a toda a $1,000000 f accounts receivable with Marks Financing without recourse basis Under the exqual les...

Answered: 1 week ago

Question

★★★★★
On January 1, 2020, Pinnacle Corporation exchanged $3,548,000 cash for 100 percent of the outstanding voting stock of Strata Corporation. On the acquisition date, Strata had the following balance...

Answered: 1 week ago

Question

★★★★★
Write a definite integral that represents the area of the region. (Do not evaluate the integral.) Y = x - 4x Y2=0 4 y-2 2 X 3 )ox 37 2

Answered: 1 week ago

Question

★★★★★
Describe how a company's failure to determine its design capacity and system capacity will affect its ability to turn a profit. Give a concrete example to demonstrate this effect Note: In Essay Form

Answered: 1 week ago

Question

★★★★★
Q 1 . ?Consider the anthropomorphic arm as shown in Fig. where the link frames have been illustrated, determine the manipulator Jacobian matrix and analyze it . ( solve with complete step numerically...

Answered: 1 week ago

Question

★★★★★
As a health care consumer who recently switched to a managed care health plan, you were very worried about the quality of the care provided to you. You were wondering if there were any reviews of...

Answered: 1 week ago

Question

★★★★★
Given the estimated regression equation E(Y) = 30 + 2(x1) - 3(x2) + 10(x1x2) where x1= age and x2-gender (0 is female, 1 otherwise) what is the estimated value of Y when x1= 30 and x2-female? 90 387...

Answered: 1 week ago

Question

★★★★★
Consider a call center for software support: - 3 representatives answer phones (each can handle all types of calls) - Calls arrive according to a Poisson process. On average, there are 20 calls per...

Answered: 1 week ago

Question

★★★★★
The Wall Street Journal reports that the rate on 4-year Treasury securities is 7.05 percent and the rate on 5-year Treasury securities is 7.25 percent. The 1-year risk-free rate expected in four...

Answered: 1 week ago

Question

★★★★★
Determine the resultant moment produced by the forces about point O. 0.25 m 0.125 m, 0 0.3 m- 60 F = 500 N F = 600 N

Answered: 1 week ago

Question

★★★★★
1. Explain how net asset value is calculated and how it is used by mutual funds. 2. List five advantages of investing in mutual funds. 3. Name five services that are unique to mutual funds.

Answered: 1 week ago

Question

★★★★★
1. Distinguish among the debt payments-to-disposable income, debt-service-to-income, debt-to-equity ratios, and continues-debt methods for setting your debt limit. 2. What are the threshold levels...

Answered: 1 week ago

Question

★★★★★
Julia has been thinking about buying a home. For several months, she has been watching real estate shows on television and visiting open houses in her community. She thinks it is time to take the...

Answered: 1 week ago

Question

★★★★★
Calculate 6.6 % of $666.66.

Answered: 1 week ago

Question

★★★★★
Stan is a real estate salesperson. He receives 60% of the 4.8% commission that the real estate agency charges on sales. If his income for the past year was $150,480, what was his dollar volume of...

Answered: 1 week ago

Question

★★★★★
The RBC Royal Bank offers an add-on option on fixed-rate mortgages. The option allows the customer to borrow additional funds partway through the term of the mortgage. The interest rate charged on...

Answered: 1 week ago

Previous Question Next Question