Compute the monthly amount of real estate taxes

Assignment Help Project Management
Reference no: EM131310288

Loan Project: Buying a House For this assignment, you will analyze a home mortgage loan.

1. Find a description, asking price, and real estate taxes of a house for sale, and decide on a purchase price you would be willing to pay (assuming you have the means). Find a current market interest rate for a 30-year fixed-rate mortgage having a down payment of 20 percent of the purchase price.

2. Compute the down payment, amount financed, and the monthly mortgage payment (showing how to use the appropriate financial formula).

3. Compute the monthly amount of real estate taxes and add to the monthly mortgage payment to get the total monthly amount paid.

4. Suppose that in order to qualify for the loan, the total monthly amount paid cannot exceed 30 percent of monthly income. What is the minimum monthly income needed to qualify for the loan? What is the minimum annual income needed? (Note: This is a simplified minimum income requirement calculation, for the purposes of this project, as it does not take into account other costs such as insurance or other loans or assets currently held.)

5. Construct an amortization table.

6. Assume that the first payment is made in January of the current year. Find the month and year of the last payment. Find the date of the first month when the amount applied to the principal exceeds the amount of interest paid. How many of the 360 payments have been made at this point?

7. Assuming that the mortgage is held for the full 30 years, compute the total principal paid and the total interest paid.

8. Effectively communicate your analysis, interpretation, evaluation, and the results you found to be particularly interesting, and why.

Reference no: EM131310288

Questions Cloud

Discuss the driver and role of the inventory deployment : Discuss why it is important to coordinate the arrival of procurement shipments with the dispatching of customer shipments.
Write a program that creates three identical arrays : Write program that create three identical array, list1, list2, and list3 of 5000 elements. Write a function, removeAt, that takes three parameters: an array of integers, the number of elements in the array, and an integer (say, index).
Role of crm system in enhancing the firms competitiveness : Discuss the rationale and risks associated with using a common forecast to drive the firms planning/coordination flow.
Principles in a business environment : You are to complete a minimum 500-word essay in which you describe resource pooling architecture and how you would apply these principles in a business environment.
Compute the monthly amount of real estate taxes : Compute the down payment, amount financed, and the monthly mortgage payment. Compute the monthly amount of real estate taxes and add to the monthly mortgage payment to get the total monthly amount paid.
Discuss the major supply chain aps applications : Discuss the major supply chain APS applications with particular focus on the role and anticipated benefits for each application.
Identify and discuss the major forecast components : Identify and discuss the major forecast components. Why is it important to decompose demand into these components when developing new forecasts?
Does this protocol authenticate bob to alice : If not, she assumes that her correspondent does not share the key k and so is not Bob. Does this protocol authenticate Bob to Alice? Why or why not?
Differentiator of time series and causal forecast techniques : Compare and contrast the basic logic differentiator of time series and causal forecast techniques. Under what conditions would each be appropriate?

Reviews

Write a Review

Project Management Questions & Answers

  Create a project schedule and align resources

Create a project schedule and align resources, Analyze project schedule and resource allocation

  Managerial roles and gap analysis

Write a report on Managerial Roles and Gap Analysis

  Questionaire on project management

Questionaire on Project Management

  Describe the market growth rate for product

Describe the market growth rate for product and service.

  Prepare a work plan and project schedule - gantt chart

Design an online system for the human resources department to manage available job positions.

  Project risk management approach

How does a project risk management approach pro-vide an early warning signal for impending problems or issues

  Black-scholes options pricing model

Calculate the payoff and the profits for investments

  Describe the features or characteristics of product

Describe the features or characteristics of your product or service.

  Write paper on inventory management system

Write paper on Inventory Management System.

  Analysis of the overall project risk

Analysis of the overall project risk

  Investment and performance analysis

Evaluate the usefulness of ROCE

  Distribution strategy and project management

Distribution strategy and project management

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd