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
245000
Downpayment
37730
Principal
207270
rate
6.50%
monthly rate
0.542%
25
30
Monthly Pmt
-$1,399.5
-$1,310.1
b) PITI
P & I
$1,310.09
Tax
200
Insurance
143.33333
Monthly PITI
$1,653.42
Annual PITI
$19,841.05
c) Principal Balance
Month 1
Month 2
Month 3
Principal Start
$ 207,270
$ 207,083
$ 206,894
Interest
$ 1,123
$ 1,122
$ 1,121
less Payment
$ 1,310
$ 1,310
$ 1,310
Principal End
$ 207,083
$ 206,894
$ 206,705
After three payments, the remaining principal will be $206,705.
d)
Assessment
147000
Tax Rate
0.0185
Taxes
2719.5
The new taxes will be $2719.50
Question 2.
a)
Total Budget
87624000
Valuation
7986413000
Tax Rate
1.10%
The taxes per $100 are $1.10, rounded, or $1.097 unrounded.
b)
Tax Rate
1.097%
Valuation
180500
Taxes
$ 1,980.38
Question 3
a)
Cost
14816
Tax Rate
9.20%
Taxes
$ 1,363.07
b)
Total Price
$9
Tax Rate
5.95%
Taxes
$ 0.51
Marked Price
$ 8.49
Question 4
Cost
$ 2.76
Excise Tax
$ 0.494
Marked Price
$ 2.27
% Tax
17.90%
