Unit Assignment Question 1 a) Given these options, the 30-year mortgage should be selected, because it offers a monthly payment that fits the budget, whereas the 25-year mortgage does not. Question 1. Cost Downpayment Principal rate monthly rate Monthly Pmt b) PITI P & I Tax Insurance Monthly PITI Annual PITI c) Principal Balance Month 1 Month 2 Month 3 Principal...
Unit Assignment
Question 1
a) Given these options, the 30-year mortgage should be selected, because it offers a monthly payment that fits the budget, whereas the 25-year mortgage does not.
Question 1.
Cost
Downpayment
Principal
rate
monthly rate
Monthly Pmt
b) PITI
P & I
Tax
Insurance
Monthly PITI
Annual PITI
c) Principal Balance
Month 1
Month 2
Month 3
Principal Start
Interest
less Payment
Principal End
After three payments, the remaining principal will be $206,705.
d)
Assessment
Tax Rate
Taxes
The new taxes will be $2719.50
Question 2.
a)
Total Budget
Valuation
Tax Rate
The taxes per $100 are $1.10, rounded, or $1.097 unrounded.
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