mortgage for the rest of the price plus his 50% share of the closing costs throu

Question

mortgage for the rest of the price plus his 50% share of the closing costs through Wilson Heath Financial Association. The total closing costs were a $30 application fee, a $15 credit report cost, a S450 appraisal fee, a si,540 title search cost, a 0.7% of mortgage fee for title insurance, a S300 inspection fee, a 0.8% of the mortgage cost for the document stamp, and a 0.1%of mortgage processing fee Bill's mortgage loan was for30 years at5.00%interest. Use the table in item 7 to determine Bill's monthly payment, then compute t Bill's first monthly payment. 8, Bill purchased a bungalow style home for S164-000. He put l0% down and took out a thly payment, then compute the new principal after 9. Anna is helping her mother, Mary, calculate the real estate taxes on Mary's home in Atlanta, Georgia. The house has a market value of $320.000, andthe rate of assessment is 40%. The state tax rate is 25 mills, and the county tax rate is 30 mills. Anna explains that the total real estate tax is the sum of both state and county taxes. She also determines Mary can subtract $2,000 from her home' s assessed value for a h a homestead tax exemption (a tax break on the pyhat the owner that the owner uses as his or her primary residence). How much is Mary's real estate 0, Jo Jo and Loretta Martin insure their home in Tuscon, Arizona, for 85% of its replacement value. Their policy covers the detached garage at 15%, personal property at 60%, and loss of use at 25%. The home's replacement value is S 187,000, what is the amount of coverage on Jo Jo and Loretta's garage? more

Explanation / Answer

8) cost of home    164,000 down 10%      16,400 mortgage    147,600 closing cost application fee              30 credit report cost              15 appraisal fee            450 title search cost        1,540 title insurance 0.7%        1,033 inspection fee            300 document stamp .8%        1,181 mortgage processing fee .1%            148 TOTAL closing cost        4,697 his share - 50% of closing cost        2,348 TOTAL mortgage amount    149,948 (2348+147600) Bill month payment is        794.8 beginning balance    149,948 interest            611 principal            184 ending balance after first installment    149,764

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