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A :the home inspection and estimated repairs.
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B :prepayment of homeowner’s insurance and property taxes.
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C :payment of the attorneys and real estate agents.
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D :payment for the lender’s origination fee.
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- 1. has After moving, a homeowner's annual insurance premium increased from $480 to $710 per year. Calculate the due if there are 3 months left in the additional amount policy year. pay when 2. State two additional costs that a purchaser may have to purchasing a new home. Explain what these additional costs are. Use the chart below. Additional Costs ExplanationsThe Bainters want to estimate annual costs for purchasing the home so they can compare them with the costs they estimated for renting. These costs are expenses the Bainters will have only if they purchase instead of rent: monthly mortgage payment $200 per year for HOA fees $1,750 per year for property taxes $1,950 per year for home maintenance $75 per month for water and sewer services $10 per month for trash and recycling services $65 per month for internet $110 per month for homeowners' insurance Approximately how much should the Bainters budget for a year? Your answer should include the total amount the Bainters should budget the calculations or an explanation of how you determined the answerAs a loan officer in a bank, you received an application for a real estate loan from a borrower to buy an apartment in Dubai. The apartment is an unfurnished one bedroom flat situated in Park Island building (Sanibel) in Dubai Marina. Details about the property (and a comparable one sold in the same building) are presented in the following table: Sale date Selling price/value (AED) Gross annual rent (AED) Annual Maintenance fees (AED/square feet) Vacancy rate (%) Area (square feet) Price (AED/square feet) Gross annual rent (AED/square feet) Proximity to A Parking available Floor level Exterior (Building) View Property to be valued (A) Comparable Property (B) in October 2022 ? ? 20 10 922 ? ? 1 high Floor to Ceiling Glass Full Marina View January 2022 1,550,000 ? 20 10 937 ? ? Same building 1 high Floor to Ceiling Glass Full Marina View Questions: 5- which approach the bank is most likely to adopt? Justify your answer. 6- How much loan should the bank advance in the Loan to Value Ratio…
- As a loan officer in a bank, you received an application for a real estate loan from a borrower to buy an apartment in Dubai. The apartment is an unfurnished one bedroom flat situated in Park Island building (Sanibel) in Dubai Marina. Details about the property (and a comparable one sold in the same building) are presented in the following table: Sale date Selling price/value (AED) Gross annual rent (AED) Annual Maintenance fees (AED/square feet) Vacancy rate (%) Area (square feet) Price (AED/square feet) Gross annual rent (AED/square feet) Proximity to A Parking available Floor level Exterior (Building) View Property to be valued (A) Comparable Property (B) in October 2022 ? ? 20 10 922 ? ? 1 high Floor to Ceiling Glass Full Marina View January 2022 1,550,000 20 10 937 ? Same building 1 high Floor to Ceiling Glass Full Marina View Questions: 5- Which approach the bank is most likely to adopt? Justify your answer. 6- How much loan should the bank advance in the Loan to Value Ratio…Before you are able to purchase a home you need to get pre-qualified and determine the maximum amount you can afford for the mortgage payment. The mortgage company that you visit uses the qualifying ratios 29/41. After speaking with the mortgage broker and answering several questions, the broker compiles this information regarding your income and expenses: You have a monthly income of $5,500. Your significant other that is living with your and will be on the loan earns $4,500 monthly. You have 2 car payments, one is $325 and the other is $280. Your significant other has a motorcycle payment of $450. You have a credit card payment of $25. Your significant other has a credit card payment of $180. The annual property tax in the area that you are considering to purchase the house has an average amount of $2800, while the average home insurance is $800 annually. Determine the anticipated monthly payment of the mortgage based on the given ratios. A) The Front-End (AKA: Housing) Ratio: ? B)…You are tasked to manage your family’s financial resources. How would you practice money management? You may list down here the sources of your family’s income as well as the expenses incurred in one month. Then analyze and make some suggestions to improve your financial status.
- A couple sold their home. In addition to a cash down payment, they financed the remaining balance for the buyer. The loan will be paid off by monthly payments of $300 for 5 years. The couple decides to sell the loan to a local bank. The bank will buy the loan, based on 1% per month interest. How much will the bank pay the couple for the loan? Select one: O a. 35648.74 O b. 3397.40 O c. 13486.51 O d. 1456.03 O e. 31468.53 You deposit $8000 in year 1, $7500 in year 2, and amounts decreasing by $500 per year through year 10. At an interest rate of 10% per year, determine the annual worth equivalent through year 1 to 10. Select one: O a. 10282.48 O b. 6137.27 O c. 4540.89 O d. 5717.52 O e. 9862.73At the beginning of the summer, Humphrey Nelson was looking for a way to earn money to pay for his college tuition in the fall. He decided to start a lawn service business in his neighborhood. To get the business started, Humphrey used $6,800 from his savings account to open a checking account for his new business, Elegant Lawn Care. He purchased two used power mowers and various lawn care tools for $2,000, and paid $3,600 for a used truck to transport the mowers. Several of his neighbors hired him to cut their grass on a weekly basis. He sent these customers monthly bills. By the end of the summer, they had paid him $5,600 in cash and owed him another $2,800. Humphrey also cut grass on an as-needed basis for other neighbors, who paid him $4,800. During the summer, Humphrey spent $1,200 for gasoline for the truck and mowers. He paid $4,400 to a friend who helped him on several occasions. An advertisement in the local paper cost $1,200. Now, at the end of the summer, Humphrey is…Sally is ready to purchase her first home. The bank has advised her that they need to work on some ratios before letting her know if the mortgage is approved. What is Sally's Gross Debt Service (GDS) ratio based on the information she has provided? Annual gross salary: $85,000 Estimated monthly mortgage payment: $1,650 Estimated annual property taxes: $1,500 Estimated monthly heating: $150 Estimated annual condo fees $500 Monthly student loan $70 Monthly car loan $120 Monthly loan to parents $50 Monthly home renovation loan payments $150 Monthly furniture loan $25 A 24% 34% C 27% D 32% E 16%
- 1. You operate a small car yard which sells cars. Which of the following could you claim a GST input tax credit for?a. Repayments on a loan contract for the building premises. b. Council fees paid to the local council on your owned building premises. c. Costs of getting your windows cleaned once a month paid to someone as wages. d. Insurance premiums paid on the building.Sally is ready to purchase her first home. The bank has advised her that they need to work on some ratios before letting her know if the mortgage is approved. What is Sally's Gross Debt Service (GDS) ratio based on the information she has provided? Annual gross salary: $85,000 Estimated monthly mortgage payment: $1,650 Estimated annual property taxes: $1,500 Estimated monthly heating: $150 Estimated annual condo fees $500 Monthly student loan $70 Monthly car loan $120 Monthly loan to parents $50 Monthly home renovation loan payments $150 Monthly furniture loan $25 A 24% 34% 27% 32% E 16%Andrew has purchased a new car. He want to set aside enough money in a bank account to pay the maintenance for the first three years. The maintenance cost of the car is: Year 1: $120 2: $150 3: $180 Assume that the maintenance costs occcur at the end of each year and that the bank pays 5% interest. How much should Andrew deposit in the bank now? In order to solve this question, what information & formula would Andrew need? n=5, i=7%, G=60 and ? = ?(? + ? ) � A1=120, G=30, n=3, i=5% & ? = ? [ ?/ ? − (? / (?+?) ?−?) ] A1=150, i=8%, G=50, n=4 & ? = ? [ (?+?) ?−? ?(?+?) ? ] G=210, i=5%, n=3, & ? = ?[ (?+?) ?−? / ? ]