Calculate the total monthly piti payment

Assignment Help Mathematics
Reference no: EM131134817

Find a home that is for sale in your area (purchase price must be at least $20,000). The house that I found costs $279,900

You will finance 80% of the purchase price. Using 5% as the interest on your 30-year fixed rate mortgage, calculate the monthly payment using the factor table from the textbook.

Calculate the payment using the same 5%, but for a 15-year mortgage.

Real estate taxes amount to 1% of the sales price and the insurance premium is .5% of the sales price per year. Calculate the total monthly PITI payment.

Present your findings to your classmates and explain how much interest you would save over the life of the loan if you used the 15-year versus the 30-year loan. Show your calculations.

Reference no: EM131134817

Questions Cloud

Advantages and disadvantages of the sequential approach : the principal advantages and disadvantages of the sequential approach to system development offered by the waterfall and ‘V' lifecycle models?
What are interested in investigating : an introduction where you introduce the question you are trying to answer and why you are interested in it, a methods section where you discuss how the data was collected, finally a results section where you analyze the data. Below is a more detai..
Describe the anticipated effect of change on your savings : Select one behavioral change related to your finances that you could make this year, and describe the anticipated effect of this change on your savings.
Provide a definition for entrepreneurship mobility : Provide a definition for entrepreneurship mobility. - What are some of the classifications of entrepreneurship mobility?
Calculate the total monthly piti payment : You will finance 80% of the purchase price. Using 5% as the interest on your 30-year fixed rate mortgage, calculate the monthly payment using the factor table from the textbook. Calculate the payment using the same 5%, but for a 15-year mortgage.
Discuss two advantages of renting versus buying a home : From the second e-Activity, discuss two advantages and disadvantages of renting versus buying a home. Support your rationale with two specific examples of such advantages and disadvantages.
Why interest rates might be bounded below by zero : Is the fact that the yen interest rates shown never drop below zero a coincidence, or can you think of some reason why interest rates might be bounded below by zero?
Sample student essay - thesis statement : Discuss two (2) key strategies from this week's lectures and readings that you can use in your writing to create a more effective thesis statement. Explain at least one (1) benefit of using each strategy.
What are the economics of the venture capital business : What are the economics of the venture capital business? - What will the cumulative pay checks and distributions to the limited partners and the general partners be over 10 years?

Reviews

Write a Review

Mathematics Questions & Answers

  What will the value of the investment be

What will the value of the investment be after 12 years? If the deposits were made at the beginning of each period, what would the value of the deposits be after 12 years?

  Probability and data collection draw a coin

Probability and Data Collection, 1. Suppose you have 4 nickels, 6 dimes, and 4 quarters in your pocket. If you draw a coin randomly from your pocket, what is the probability that

  Student''s first reason for application to the school

Probabilities, A survey of MBA students obtained the following data on "student's first reason for application to the school in which they matriculated".

  Let h be a differentiable function defined on the interval

Let h be a differentiable function defined on the interval [0,3], and assume that h(0)=1 h(1)=2 and h(3)=2. a- argue that there exists a point d belong to [0,3] where h(d)=d.

  What happens to the volume of the room

Find the volume in cubic centimeters. If each dimension (length, width and height is doubled, what happens to the volume of the room? Show your work.

  Given line xyz xz find the value of n

Given line XYZ, XZ=4n+6, find the value of n. XY=n-4, YZ=12+5n

  In how many weeks will the ponds be the same depth

the depth of a pond is 180 cm is being reduced by 1cm per week. the depth of the second pond is a 160 cm and is being by 1/2 per week. if the depths of both ponds continue to be reduced at these constant rates, in how many weeks will the ponds be ..

  What is the depth of the mat

A 5 × 7 photograph has a rectangular cardboard mat frame that is an equal depth on all four sides. If the total area of the mat is 99 in2, what is the depth of the mat?

  Develop the process generators

Assume that the inter-arrival times are exponentially distributed, with a mean of 1/λ = 1.5 minutes per customer. The ordering, preparation, and money collecting (i.e., total service time) is an upward ramp function with a minimum of 15 seconds an..

  Interpreting graphs and charts in math

In a percent change graph of an average teachers annual salary the bars representing successive years are either unchanged or decreasing in size.

  What is the perimeter of this field

A rectangular field has an area of exactly 1 square mile. if the field has a length of 250 yards and 3 inches, what is the width of the field? Give your answer in feet and inches, and round to the nearest inch. What is the perimeter of this field?

  Difference between entrepreneurs and inventors

What is the difference between entrepreneurs and inventors? What is the difference between entrepreneurs and inventors as defined in entrepreneurship point of view?

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