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Wlad and Wanda want to purchase a small multi - unit apartment building as a rental property investment. The seller agreed to their offer of
Wlad and Wanda want to purchase a small multiunit apartment building as a rental property investment. The seller agreed to their offer of $ Wanda and Wlad will make a down payment of The annual interest rate is and they agree to pay three poiints at closing for that preferred interest rate over a year loan. Express the answer in dollars and cents with commas and dollar sign.
What is the down payment amount? A
What is the value of the three points, based on standard percentages? B
What is the amount of the mortgage they will seek? C
Amortization tables report that at interest for years, the monthly payment is $ per $ of the mortgage. What is the monthly payment? D
What is the total amount of principal plus interest or total cost of the mortgage over years? H
What is the total amount of interest paid over the lifetime of the mortgage? E
Utilizing simple interest calculations for the first month, how much interest is paid in the first monthly payment? F
Utilizing simple interest calculations for the first month, how much principal is paid off from the first monthly payment? G
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