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Lidan is going to meet with a mortgage broker about obtaining a loan on a new apartment she wants to buy. The apartment would cost her $325,000. Her credit score is 580. She would most likely borrow money in form of a…. (A) government loan (B) conventional loan (C) subprime loan (D) jumbo loan Paul is going to buy a home for $1.5MM. He is getting a substantial bonus of $500,000 for his excellent performance in 2013. If Paul has a FICO greater than 720 he will most likely borrow the remaining $1MM in the form of a… (A) government loan (B) conventional loan (C) subprime loan (D) jumbo loan Sylvia has a credit score of 740 and after making a 20% downpayment of her purchase price will be buying a studio apartment in Park Slope. She will need to borrow $375,000. She will most likely borrow the money in the form of a… (A) government loan (B) conventional loan (C) subprime loan (D) jumbo loan The remaining questions, Q4 – Q10 will use the following information. Tom walks into the Really Big Apple Savings Bank to see you and to get pre-approved on a mortgage loan. (A borrower can be pre-approved for a loan based off of credit history and income and assets. The loan would be approved subject to an acceptable appraisal). Tom is ready to go shopping for an apartment and knows that if he tells the broker that he is already pre-approved by the bank he stands a much better chance of negotiating the price of the apartment. Tom makes $150,000/year and has $400 in monthly credit card expenses, $250/month in student loan payments and a $200/month auto lease payment. Tom is looking in Williamsburg and based on your data you know that annual property taxes and property insurance total $5,400 annually in that area. He is looking for a 30 year, fixed rate mortgage and subject to approval you will be able to offer him an 85% LTV mortgage at 5.65% with zero points of origination expenses. What is Tom’s Front-end DTI maximum monthly mortgage loan payment using a 28% DTI ratio? What is Tom’s Back-end DTI maximum monthly mortgage loan payment using a 36% DTI ratio? What is the maximum monthly mortgage payment you will allow Tom to make? If Tom takes out the loan exactly at that maximum payment amount how large a loan can you make to him? If he takes out that size loan (in Q#7) how much can he afford to pay for the apartment? If the appraisal you obtain only shows the value of the apartment to be $600,000 how much will the bank lend Tom to buy it? If Tom’s FICO score comes back at <680 you will need to charge him 50bps more on his lending rate. If that happens what will be the most you will lend him?
Companies frequently borrow money under an arrangement that requires them to make periodic payments of only interest and then pay the principal of the loan all at once. A company that manufactures odour control chemicals borrowed $400,000 for 3 years..
What is the equivalent annual cost of the washer, if the firm uses straight-line depreciation? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
Maloney, Inc., has an odd dividend policy. The company has just paid a dividend of $2 per share and has announced that it will increase the dividend by $6 per share for each of the next five years, and then never pay another dividend. If you require ..
Using the existing budget, create a new budget for the next fiscal year. Set out the details of all the assumptions you needed in order to build this budget.
Org X estimates its expansion cost at $18.63 million and wants to fully fund upfront. Management has decided to save $1.1 million a quarter for this purpose. The firm earns 6.25 percent, compounded quarterly, on its savings. How long does the firm ha..
assume that amazon has a stock-option plan for top management. each stock option represents the right to purchase a
After deciding to buy a new car, you can either lease the car or purchase it on a three-year loan. The car you wish to buy costs $31,000. The dealer has a special leasing arrangement where you pay $91 today and $491 per month for the next three years..
Tabulate the annual cash flows of a solar energy system that has an initial cost of $7,000 for a 12-year analysis. Also estimate the life cycle savings and the internal rate of return. The following economic parameters apply:
Compact fluorescent lamps (CFLs) have become more popular in recent years, but do they make financial sense? Suppose a typical 60-watt incandescent lightbulb costs $0.52 and lasts for 1,000 hours. A 15-watt CFL, which provides the same light, costs $..
Create a budget for the set design and construction project and why don't you need to take into account fringe benefit costs for the workers?
Which of the following would cause a firm to hold more cash today?
You invested $10,000 in a mutual fund at the beginning of the year when the NAV was $32.24. At the end of the year the fund paid $.24 in short-term distributions and $.41 in long-term distributions. If the NAV of the fund at the end of the year was $..
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