terrichichester-BU250-unit9-assignment

# terrichichester-BU250-unit9-assignment - Farm closing price...

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Farm closing price of farm \$385,900.00 Down payment 25% record deed \$60.00 attorney fees \$100 Apraisal report \$350.00 Loan origination fee 1.50% 35 year mortgage 7% interest part a. How much cash is needed to close on the property? Down payment = 385,900*.25= \$96,475.00 Amount of loan = \$385,900-\$96,475= \$289,425.00 Origination fee= .015*\$289,425 \$4,341.38 Cash needed = all fees+ amount of loan \$289,425.00 \$60.00 \$100 \$350.00 \$4,341.38 \$294,276.38 part b. How much will the mortgage be? \$289,425.00 The same as the amount of the loan Part c. What is the monthly payment on the property? PV = \$289,425 7% a year / 12 I= .5833 35 years*12 m N = 420 Monthly paym PMT = \$1,849.01

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amount of loan record deed attorney fees apraisal report origination fee total needed for closing on the farm 2 months 420 0.58 ent
Home buying: A 30 year commitment Amount 6.25% 6.50% 6.75% 1 borrowed 15 years 20 years 25 years \$150,000 \$1,286.13 \$1,118.36 \$1,036.37 \$175,000 \$1,500.49 \$1,304.75 \$1,209.10 \$200,000 \$1,714.85

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terrichichester-BU250-unit9-assignment - Farm closing price...

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