Question 1

Patrick would like to know the monthly payments and the total finance charges on the following 2 loans: (Show all work. )
a.
$30,000,9%,36 months
b.
$30,000,9%,48 months

Accepted Answer

The answer of Patrick would like to know the monthly...

Question 2

Your mortgage payment is $1,500 per month.Of this amount,insurance is $50,property taxes are $200,and interest is about $1,100.Assuming you have other itemized deductions that already exceed your standard deduction and that you are in the 31% marginal tax bracket,what is the reduction in your tax liability as a result of owning a home with this mortgage.(Show all work. )

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The answer of Your mortgage payment is $1,500 per month.Of...

Question 3

Greg has negotiated a $20,000 price on a new pick-up truck.The manufacturer is offering a $1,500 rebate or 3.9 %,three-year financing.Greg is also able to get 7 %,three-year financing at his credit union.If Greg plans to finance $18,000 over three years,should he take the rebate or the 3.9 % financing? (Show all work. )

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The answer of Greg has negotiated a $20,000 price on...

Question 4

Judy has $2,000 for a down payment on a vehicle and she can afford monthly payments of $400.She wants to finance a vehicle over no more than 4 years.If lenders are currently offering 6 percent interest on 5-year loans,what is the maximum price Judy can pay for a vehicle?

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The answer of Judy has $2,000 for a down payment...

Question 5

Dick and Jane (and their dog Spot)have just purchased a house and are calculating how much money they will need when the closing day rolls around.The purchase price is $200,000.They will make a 20% down payment,and they must pay 2 points on the loan.Closing costs should be 3% of the purchase price.What is the total dollar amount they will need at closing? (Show all work. )

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The answer of Dick and Jane (and their dog Spot)have...

Question 6

Billy and Suzie want to calculate the difference in monthly payments on a $110,000 home as a result of a $5,000 down payment or a $10,000 down payment.Use your financial calculator to figure the monthly payments,assuming they get a 6.5%,30-year mortgage.

Accepted Answer

The answer of Billy and Suzie want to calculate the...

Question 7

If a lender requires that mortgage payments cannot exceed 30% of gross income and total loan payments cannot exceed 38% of gross income,calculate the monthly payment for which a person with the following financial data could qualify.

Accepted Answer

The answer of If a lender requires that mortgage payments...

Quiz 5: Making Automobile and Housing Decisions

Patrick would like to know the monthly payments and the total finance charges on the following 2 loans: (Show all work. ) a. $30,000,9%,36 months b. $30,000,9%,48 months

Judy has $2,000 for a down payment on a vehicle and she can afford monthly payments of $400.She wants to finance a vehicle over no more than 4 years.If lenders are currently offering 6 percent interest on 5-year loans,what is the maximum price Judy can pay for a vehicle?

Billy and Suzie want to calculate the difference in monthly payments on a $110,000 home as a result of a $5,000 down payment or a $10,000 down payment.Use your financial calculator to figure the monthly payments,assuming they get a 6.5%,30-year mortgage.

If a lender requires that mortgage payments cannot exceed 30% of gross income and total loan payments cannot exceed 38% of gross income,calculate the monthly payment for which a person with the following financial data could qualify.