final term - Expected Job: Expected Living: Annual Income:...

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Accountant for  Bould LLC. Grand Rapids, MI $42,000   3rd Quarter 2014 Projected Income: $45,000  Projected Monthly Income $3,750  Income from signifiacant other: $0  Current Loan Obligations: Car Payment ($169) Student Loan ($155) Total Current Obligations ($324) Non-significant  Debt of signifcant other:  None  Expected savings: $12,000  Closing Costs $3,000  Debt Ratio: 28% Maximum Housing Debt Ratio 36% Maximum Total Debt Ratio Maximum Loan to value: 95% Real Estate Taxes: 20% of Maximum housing debt 3% of Maximum housing debt  PMI: 90.01 to 95% loan to value= 8% 85.01 to 90% loan to value=6% 80.01 to 85% loan to value=4% Down Payment $9,000  Expected Job : Expected Living : Annual Income: Purchase First house: Expected Debts at time of purchase: Hazard Insurance: 3% of Maximum housing debt
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Part A Housing Debt Ratio  Ma Monthly Income $3,750  30 yr 6.5% Max Total Housing Debt (28%) $1,050.00  N=360 Taxes (20%) ($210.00) I=.5416 Insurance (3%) ($31.50) Pmt=724.50 PMI (8%) ($84.00) FV=0 Max Principal and Interest $724.50  PV=114623.73 $114,623  Loan/Value 92.72% Total Debt Ratio  Ma Monthly Income $3,750  30 yr 6.5% Maximum Total Debt (%36) $1,350.00  N=360 Student Loans  ($155) I=.5416 Car Loans  ($169) Pmt=707.94 Maximum Toward Housing $1,026.00  FV=0 Taxes (20%) ($205.20) PV=112003.76 Insurance (3%) ($30.78) $112,003  PMI (8%) ($82.08) Loan/Value 92.56% Maximum Mortgage Payment  $707.94  Part B  N=5 I=6% PV=Solve  PMT=0 FV=81628 Infaltion adjusted Price $60,997  Max House   Max House   The homes that I found in Grand Rapids for my price range surprisingly excee expectations. I thought that for under $100,000 I would only be able to afford house with not many ammenities and in pretty rough shape. But actually I wa afford a decent sized house with re-finished interiors etc .
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aximum Loan 30 yr 8.5% 15 yr 6.5% N=360 N=180 I=.7083 I=.5416 Pmt=724.50 Pmt=724.50 FV=0 FV=0 PV=94223.86 PV=83170 $94,223  $83,170  91.28% 90.24% aximum Loan 30 yr 8.5% 15 yr 6.5% N=360 N=180 I=.7083 I=.5416 Pmt=707.94 Pmt=707.94 FV=0 FV=0 PV=92070.17 PV=81268.97 $92,070  $81,268  91.10% 90.03% eded my d a poor as able to
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Part 2  Potential Gross Income   230,000.00   236,900.00   244,007.00   251,327.21   23,000.00   23,690.00   24,400.70   25,132.72  Expected Gross Income   207,000.00   213,210.00   219,606.30   226,194.49  Operating Expenses   82,800.00   85,284.00   87,842.52   90,477.80  Net Operating Income   $124,200.00   $127,926.00   $131,763.78   $135,716.69 
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This note was uploaded on 03/24/2011 for the course MGT 331 taught by Professor Somebitch during the Spring '07 term at Grand Valley State University.

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final term - Expected Job: Expected Living: Annual Income:...

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