table 14_1

Check My Work You are a real estate broker for Aurora Realty. One of your clients, Erica Heston, has agreed to purchase one of the homes your office has listed for sale for a negotiated price of $205,000. The down payment is 20%, and the balance will be financed with a 15-year fixed-rate mortgage at 7.75% and 2 discount points. The annual property tax is $5,455, and the hazard insurance premium is $2,120. When Erica signed the original contract, she put down a deposit of $4,000, which will be credited to her down payment. In addition, at the time of closing, Erica must pay the following expenses: Appraisal fee $225 Credit report $55 Roof inspection $40 Mortgage insurance premium 7% of amount financed Title search $115 Attorney's fees $670 Escrow fee $210 Prepaid interest $630 As Erica's real estate broker, she has asked you the following questions: Click here for Table 14-1 Round intermediate calculations to two decimal places. a. What the total monthly PITI of the mortgage loan? Round to the nearest cent. b. What is the total amount of interest that will be paid on the loan? Round to the nearest cent. 1133 PM 6/1/2020 SENG CE horn to search Roof inspection $55 $40 Mortgage insurance premium 1% of amount financed Title search $115 Attorney's fees $670 Escrow fee $210 Prepaid interest $630 As Erica's real estate broker, she has asked you the following questions: Click here for Table 14-1 Round intermediate calculations to two decimal places. a. What is the total monthly PITI of the mortgage loan? Round to the nearest cent. b. What is the total amount of interest that will be paid on the loan? Round to the nearest cent. c. How much is due from Erica at the time of the closing? Round to the nearest cent. d. If your real estate office is entitled to a commission from the seller of 7% of the price of the home, how much commission is made on the sale? Round to the nearest cent Check My Work 0Icon Key ENG 1134 PM 6/1/2020 o pe here to search TABLE 14-1 Monthly Payments to Amortize Principal and Interest per $1,000 Financed 5 Years 35 Years Interest Rate(%) 3.50 3.75 40 Years $3.87 4.03 $18.19 18.30 18.42 $4.13 4.28 4.43 4.00 Monthly Payments (Necessary to amortize a loan of $1,000) 10 15 20 25 30 Years Years Years Years Years $9.89 $7.15 $5.80 $5.01 $4.49 10.01 7.27 5.93 5.14 4.63 10.12 7.40 6.06 5.28 4.77 10.24 7.52 6.19 5.42 4.92 10.36 7.65 6.33 5.56 5.07 10.48 7.78 6.46 5.70 5.22 10.61 7.91 6.60 5.85 5.37 10.73 8.04 6.74 6.00 5.53 10.86 8.18 6.88 6.15 5.68 4.18 18.53 4,58 4.34 4.25 4.50 4.73 4.50 18.64 18.76 4.75 4.89 4.66 5.00 18.88 5.05 4.83 18.99 5.21 4.99 5.38 5.16 5.25 5.50 5.75 6.00 19.11 19.22 10.98 7.03 6.30 5.84 5.54 5.33 8.31 8.44 19.34 7.17 6.45 6.00 5.71 5.51 11.11 11.23 19.45 6.60 6.16 5.68 8.58 8.72 7.31 7.46 5.88 6.05 19.57 6.76 6.33 5.86 6.25 6.50 6.75 7.00 11.36 11.49 7.61 6.91 6.49 6.22 6.04 8.85 8.99 11.62 7.76 7.07 6.66 6.39 6.22 19.69 19.81 19.92 20.04 20.16 9.13 7.91 7.23 6.83 6.57 7.25 7.50 7.75 6.40 11.75 11.88 12.01 9.28 8.06 7.00 6.75 6.59 9.42 8.21 7.17 6.93 6.77 8.00 12.14 9.56 20.28 20.40 20.52 7.39 7.56 7.72 7.89 8.06 8.25 7.11 7.29 12.27 8.37 8.53 8.68 8.84 9.71 7.34 7.52 7.69 8.50 12.40 7.47 6.96 7.15 7.34 7.53 7.72 7.91 12.54 8.23 9.85 10.00 10.15 10.30 8.75 9.00 9.25 20.64 20.76 20.88 7.66 7.84 9.00 8.40 7.87 8.05 8.23 12.67 12.81 9.16 8.57 8.03 EN w search 6.49 6.22 7.00 6.04 19.81 11.62 8.99 7.76 7.07 6.22 7.25 11.75 9.13 6.66 6.83 19.92 20.04 7.91 7.23 6.39 6.57 6.75 6.40 9.28 7.50 7.75 8.06 11.88 12.01 7.39 7.00 9.42 8.21 7.56 6.59 6.77 7.17 6.93 8.00 20.16 20.28 20.40 12.14 8.37 7.72 7.34 9.56 9.71 7.11 6.96 8.25 12.27 8.53 7.89 7.52 7.29 7.15 8.50 20.52 9.85 8.68 8.06 7.69 12.40 12.54 7.47 8.75 20.64 8.84 7.34 7.53 8.23 7.87 10.00 10.15 7.66 9.00 20.76 12.67 9.00 8.05 7.84 7.72 9.25 8.40 8.57 20.88 10.30 9.16 8.23 8.03 7.91 12.81 12.94 9.50 10.45 9.33 8.74 8.41 8.22 21.01 21.13 8.11 9.75 13.08 10.60 9.49 8.92 8.60 8.41 8.30 10.00 21.25 13.22 10.75 9.66 9.09 8.78 8.60 8.50 10.25 21.38 13.36 10.90 9.82 9.27 8.79 8.69 8.97 9.15 10.50 13.50 11.06 9.99 9.45 8.89 21.50 21.62 10.75 13.64 11.21 10.16 9.63 9.34 9.09 8.99 9.18 9.37 9.57 11.00 9.81 9.53 11.37 11.53 10.33 10.50 10.67 9.29 9.49 11.25 9.99 11.50 11.69 9.69 21.75 21.87 22.00 22.12 22.25 22.38 22.50 22.63 22.76 13.78 13.92 14.06 14.21 14.35 14.50 14.64 9.72 9.91 10.10 10.29 11.85 12.01 11.75 12.00 12.25 12.50 12.75 9.77 9.96 10.16 10.84 11.02 11.19 Czexright Cengage learning 12.17 12.33 12.49 10.17 10.35 10.54 10.72 10.91 11.10 11.28 10.48 10.68 9.89 10.09 10.29 10.49 10.70 10.90 10.36 10.56 10.76 11.37 11.54 11.72 14.79 14.94 10.87 11.07 13.00 12.66 10.90 ch o Check My Work You are a real estate broker for Aurora Realty. One of your clients, Erica Heston, has agreed to purchase one of the homes your office has listed for sale for a negotiated price of $205,000. The down payment is 20%, and the balance will be financed with a 15-year fixed-rate mortgage at 7.75% and 2 discount points. The annual property tax is $5,455, and the hazard insurance premium is $2,120. When Erica signed the original contract, she put down a deposit of $4,000, which will be credited to her down payment. In addition, at the time of closing, Erica must pay the following expenses: Appraisal fee $225 Credit report $55 Roof inspection $40 Mortgage insurance premium 7% of amount financed Title search $115 Attorney's fees $670 Escrow fee $210 Prepaid interest $630 As Erica's real estate broker, she has asked you the following questions: Click here for Table 14-1 Round intermediate calculations to two decimal places. a. What the total monthly PITI of the mortgage loan? Round to the nearest cent. b. What is the total amount of interest that will be paid on the loan? Round to the nearest cent. 1133 PM 6/1/2020 SENG CE horn to search Roof inspection $55 $40 Mortgage insurance premium 1% of amount financed Title search $115 Attorney's fees $670 Escrow fee $210 Prepaid interest $630 As Erica's real estate broker, she has asked you the following questions: Click here for Table 14-1 Round intermediate calculations to two decimal places. a. What is the total monthly PITI of the mortgage loan? Round to the nearest cent. b. What is the total amount of interest that will be paid on the loan? Round to the nearest cent. c. How much is due from Erica at the time of the closing? Round to the nearest cent. d. If your real estate office is entitled to a commission from the seller of 7% of the price of the home, how much commission is made on the sale? Round to the nearest cent Check My Work 0Icon Key ENG 1134 PM 6/1/2020 o pe here to search TABLE 14-1 Monthly Payments to Amortize Principal and Interest per $1,000 Financed 5 Years 35 Years Interest Rate(%) 3.50 3.75 40 Years $3.87 4.03 $18.19 18.30 18.42 $4.13 4.28 4.43 4.00 Monthly Payments (Necessary to amortize a loan of $1,000) 10 15 20 25 30 Years Years Years Years Years $9.89 $7.15 $5.80 $5.01 $4.49 10.01 7.27 5.93 5.14 4.63 10.12 7.40 6.06 5.28 4.77 10.24 7.52 6.19 5.42 4.92 10.36 7.65 6.33 5.56 5.07 10.48 7.78 6.46 5.70 5.22 10.61 7.91 6.60 5.85 5.37 10.73 8.04 6.74 6.00 5.53 10.86 8.18 6.88 6.15 5.68 4.18 18.53 4,58 4.34 4.25 4.50 4.73 4.50 18.64 18.76 4.75 4.89 4.66 5.00 18.88 5.05 4.83 18.99 5.21 4.99 5.38 5.16 5.25 5.50 5.75 6.00 19.11 19.22 10.98 7.03 6.30 5.84 5.54 5.33 8.31 8.44 19.34 7.17 6.45 6.00 5.71 5.51 11.11 11.23 19.45 6.60 6.16 5.68 8.58 8.72 7.31 7.46 5.88 6.05 19.57 6.76 6.33 5.86 6.25 6.50 6.75 7.00 11.36 11.49 7.61 6.91 6.49 6.22 6.04 8.85 8.99 11.62 7.76 7.07 6.66 6.39 6.22 19.69 19.81 19.92 20.04 20.16 9.13 7.91 7.23 6.83 6.57 7.25 7.50 7.75 6.40 11.75 11.88 12.01 9.28 8.06 7.00 6.75 6.59 9.42 8.21 7.17 6.93 6.77 8.00 12.14 9.56 20.28 20.40 20.52 7.39 7.56 7.72 7.89 8.06 8.25 7.11 7.29 12.27 8.37 8.53 8.68 8.84 9.71 7.34 7.52 7.69 8.50 12.40 7.47 6.96 7.15 7.34 7.53 7.72 7.91 12.54 8.23 9.85 10.00 10.15 10.30 8.75 9.00 9.25 20.64 20.76 20.88 7.66 7.84 9.00 8.40 7.87 8.05 8.23 12.67 12.81 9.16 8.57 8.03 EN w search 6.49 6.22 7.00 6.04 19.81 11.62 8.99 7.76 7.07 6.22 7.25 11.75 9.13 6.66 6.83 19.92 20.04 7.91 7.23 6.39 6.57 6.75 6.40 9.28 7.50 7.75 8.06 11.88 12.01 7.39 7.00 9.42 8.21 7.56 6.59 6.77 7.17 6.93 8.00 20.16 20.28 20.40 12.14 8.37 7.72 7.34 9.56 9.71 7.11 6.96 8.25 12.27 8.53 7.89 7.52 7.29 7.15 8.50 20.52 9.85 8.68 8.06 7.69 12.40 12.54 7.47 8.75 20.64 8.84 7.34 7.53 8.23 7.87 10.00 10.15 7.66 9.00 20.76 12.67 9.00 8.05 7.84 7.72 9.25 8.40 8.57 20.88 10.30 9.16 8.23 8.03 7.91 12.81 12.94 9.50 10.45 9.33 8.74 8.41 8.22 21.01 21.13 8.11 9.75 13.08 10.60 9.49 8.92 8.60 8.41 8.30 10.00 21.25 13.22 10.75 9.66 9.09 8.78 8.60 8.50 10.25 21.38 13.36 10.90 9.82 9.27 8.79 8.69 8.97 9.15 10.50 13.50 11.06 9.99 9.45 8.89 21.50 21.62 10.75 13.64 11.21 10.16 9.63 9.34 9.09 8.99 9.18 9.37 9.57 11.00 9.81 9.53 11.37 11.53 10.33 10.50 10.67 9.29 9.49 11.25 9.99 11.50 11.69 9.69 21.75 21.87 22.00 22.12 22.25 22.38 22.50 22.63 22.76 13.78 13.92 14.06 14.21 14.35 14.50 14.64 9.72 9.91 10.10 10.29 11.85 12.01 11.75 12.00 12.25 12.50 12.75 9.77 9.96 10.16 10.84 11.02 11.19 Czexright Cengage learning 12.17 12.33 12.49 10.17 10.35 10.54 10.72 10.91 11.10 11.28 10.48 10.68 9.89 10.09 10.29 10.49 10.70 10.90 10.36 10.56 10.76 11.37 11.54 11.72 14.79 14.94 10.87 11.07 13.00 12.66 10.90 ch o