Hello, I am having trouble figureing out the correct answer on some questions... Any help would be GREATLY apperciated. THANKS!
Jeff Willis earns $2500 in gross income during the month. Jeff has $400 in debt payments during the month and has estimated that his tax and homeowner's insurance payments will be $125 per month. Jeff plans on putting 10% down and will be able to get a 30-year mortgage at 9%. What is the maximum priced home he can afford? (Refer to the mortgage payment factor table in the textbook.) -- NOTE: (The number is 8.05)
a. $245,342
b. $272,602
c. $52,795
d. $58,661
e. None of the above
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Edward Jones is buying a new home. The amount of the loan that he needs is $150,000 and he is trying to decide between two mortgage choices. He can have a 30-year mortgage at 8% with no points or he can have a 30-year mortgage at 7.25% with 1.75 points. How many months would he have to live in the house to make it worth his while to pay the points and get the lower interest rate? He has determined that his monthly payments on the first mortgage would be $1100.65 and that his monthly payments on the second mortgage would be $1023.26.
a. 33.92 months
b. 77.39 months
c. 2625 months
d. 1938 months
e. None of the above
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John Gleason has a 30-year mortgage with monthly payments of $790.09 at an interest rate of 6.5%. The amount of the loan is $125,000. How much of John's first payment is principal?
a. $790.09
b. $677.08
c. $8125.00
d. $113.01
e. None of the above
Please if you can help me with ANY of these questions by Friday night I would be grealy in your debt. Thanks!
Can anyone help me with these question!?!?
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EternityOfPain
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Can anyone help me with these question!?!?
Last edited by EternityOfPain on Thu Oct 12, 2006 8:34 pm, edited 1 time in total.
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Slippery slopes of hellish Ice.
Anime runs my life. I'll leave it to anime to where my life leads me. -EoP
Anime I have Seen
Slippery slopes of hellish Ice.
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Cloud
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1. A robot may not injure a human being, or, through inaction, allow a human being to come to harm.
2. A robot must obey the orders given it by human beings except where such orders would conflict with the First Law.
3. A robot must protect its own existence as long as such protection does not conflict with the First or Second Law.
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Cloud
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Hm getting late.
The Three Laws of Robotics:
1. A robot may not injure a human being, or, through inaction, allow a human being to come to harm.
2. A robot must obey the orders given it by human beings except where such orders would conflict with the First Law.
3. A robot must protect its own existence as long as such protection does not conflict with the First or Second Law.
-I, Robot (Asimov)
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Cloud
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I'm awake all the time.
The Three Laws of Robotics:
1. A robot may not injure a human being, or, through inaction, allow a human being to come to harm.
2. A robot must obey the orders given it by human beings except where such orders would conflict with the First Law.
3. A robot must protect its own existence as long as such protection does not conflict with the First or Second Law.
-I, Robot (Asimov)