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
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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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