i myopenhmath.com <> Question 73 Jenelle bought a home for $300,000, paying 28% as a down payment, and financing the rest at 3.4% interest for 30 years. Round your answers to the nearest cent. How much money did Jenelle pay as a down payment? $ How much does she need to borrow to cover the rest of the house? $ There are several other costs involved in a mortgage. One cost is called "points" and is a percentage of the loan amount (before closing costs are added). If she needs to pay 0.625 points, how much is that charge? $ Jenelle also needs to prepay home owner's insurance and property taxes. If the home owner's insurance is 0.9% of the value of the home, how much does she pay for insurance? $ If the property tax rate is 0.6% of the value of the home, how much does she pay for taxes? $ In addition to those charges, she has another $2330 of closing costs. How much are her closing costs? $ Her total loan amount is the amount financed for the house, plus all of her colsing costs. What is her total loan amount? $ What is her monthly payment? $ If Jenelle makes these payments every month for thirty years, determine the total amount of money she will spend on this home. Include the down payment in your answer. $ Submit Question @ %23 W E R tab сaps lock
i myopenhmath.com <> Question 73 Jenelle bought a home for $300,000, paying 28% as a down payment, and financing the rest at 3.4% interest for 30 years. Round your answers to the nearest cent. How much money did Jenelle pay as a down payment? $ How much does she need to borrow to cover the rest of the house? $ There are several other costs involved in a mortgage. One cost is called "points" and is a percentage of the loan amount (before closing costs are added). If she needs to pay 0.625 points, how much is that charge? $ Jenelle also needs to prepay home owner's insurance and property taxes. If the home owner's insurance is 0.9% of the value of the home, how much does she pay for insurance? $ If the property tax rate is 0.6% of the value of the home, how much does she pay for taxes? $ In addition to those charges, she has another $2330 of closing costs. How much are her closing costs? $ Her total loan amount is the amount financed for the house, plus all of her colsing costs. What is her total loan amount? $ What is her monthly payment? $ If Jenelle makes these payments every month for thirty years, determine the total amount of money she will spend on this home. Include the down payment in your answer. $ Submit Question @ %23 W E R tab сaps lock
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question 73
Jenelle bought a home for $300,000, paying 28% as a down payment, and financing the rest at 3.4% interest
for 30 years. Round your answers to the nearest cent.
How much money did Jenelle pay as a down payment? $
How much does she need to borrow to cover the rest of the house? $
There are several other costs involved in a mortgage. One cost is called "points" and is a percentage of
the loan amount (before closing costs are added). If she needs to pay 0.625 points, how much is that
charge? $
Jenelle also needs to prepay home owner's insurance and property taxes. If the home owner's insurance
is 0.9% of the value of the home, how much does she pay for insurance? $
If the property tax rate is 0.6% of the value of the home, how much does she pay for taxes? $
In addition to those charges, she has another $2330 of closing costs. How much are her closing costs? $
Her total loan amount is the amount financed for the house, plus all of her colsing costs. What is her
total loan amount? $
What is her monthly payment? $
If Jenelle makes these payments every month for thirty years, determine the total amount of money she
will spend on this home. Include the down payment in your answer. $
Submit Question
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