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anonymous
 one year ago
can someone please check my work on mortgage?
anonymous
 one year ago
can someone please check my work on mortgage?

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anonymous
 one year ago
Best ResponseYou've already chosen the best response.0@karatechopper @mathmate @misssunshinexxoxo

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3first two look good so far

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3question 3 is incorrect

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0how would i solve that one

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3what is 1.5% of that mortgage?

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3yeah 0.015 with the mortgage amount

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3the $197,000 mortgage

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3add that onto 2000

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3since it says "A mortgage broker charges $2000 plus 1.5% of the mortgage amount"

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0right @jim_thompson5910

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0anything else that was wrong @jim_thompson5910

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3there are some here you didn't answer

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3like "A mortgage is in the amount of $600,000. The origination fee is 0.5%, the intangible tax is 0.2%, and there are 1.5 discount points"

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3and "Sherri attempts to determine the total cost of a $500,000 ARM which starts at 6% by predicting the monthly payments. Her predictions are shown in the table"

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0is that it or is there more

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3there are more basically where you didn't highlight the answer in yellow

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3I'll be right back

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0yeah that is my answer the ones i highlighted @jim_thompson5910

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0are you still checking it @jim_thompson5910

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0yes no maybe? @jim_thompson5910

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3yes I'm still checking

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3the one with "What is the amount of the balloon payment rounded to the nearest dollar?" is incorrect where you picked $192,063

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0ok how can i fix that

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3go here http://www.bankrate.com/calculators/mortgages/mortgagecalculator.aspx

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3type in the given mortgage amount (200,000) interest rate (7%) time (15 years) then scroll to June 2019

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3look in the last column

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3which rounds to 165,164

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0anything else that is wrong?

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3"Julie is buying a house for $225,000. She obtains a mortgage in the amount of $156,000 at a 4.5% fixed rate. The bank offers a 4.25% interest rate if Julie pays 2.25 points. What is the cost of points for this mortgage rounded to the nearest dollar?" that one is wrong as well

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3take 1% of the mortgage, then multiply by 2.25

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0what about the hank and caesar one?

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3I'm looking at the ones you answered. I'm onto the last one

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0i answered both hank and caesar?

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3you didn't mark the answer

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3some of the questions weren't marked

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0can you tell me the ones i didn't mark @jim_thompson5910

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3the question "What is the breakeven point for the loans?" has the correct answer that you marked (10 years)

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3the other stuff is unmarked, so I'll let you do that part.

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0which questions tell me the beginning of the question

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3it's in the doc file. There are a lot that weren't marked

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0what do you mean without the highlighter?

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3there are no yellow highlights

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0let me highlight them then

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0i fixed it @jim_thompson5910

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3ok let me check

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3this one is incorrect `A mortgage is in the amount of $600,000. The origination fee is 0.5%, the intangible tax is 0.2%, and there are 1.5 discount points. ` `Which of the following is the total cost of the origination fee, the intangible tax, and the discount points?`

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3take 0.5% of the mortgage to get x take 0.2% of the mortgage to get y take 1% of the mortgage, multiply it by 1.5 to get z add x+y+z

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3`Sherri attempts to determine the total cost of a $500,000 ARM which starts at 6% by predicting the monthly payments. Her predictions are shown in the table. ` is incorrect

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3I'm not sure how you got that

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3$2997.75 per month for 5 years $2858.27 per month for 15 years $3093.85 per month for 10 years add up all that

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0multiply each one right?

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3yeah and keep in mind 12 months = 1 year

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0so multiply the years by 12?

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0and then add the price

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3yes to convert to months

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0so then for example i multiply 60 * 2997.75 or add the two

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3yeah do that for the three lines, then add the results

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3then add, yes

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0i got it. anything else that is wrong?

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3what answer did you get

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3`Jackie obtains a 30year 4/2 ARM at 5% with a 4/7 cap structure in the amount of $313,500. What is the monthly payment during the initial period?` is wrong

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3Use the formula \[\Large M = \frac{L*i}{1(1+i)^{n}}\] L = 313,500 i = 0.05/12 = 0.00416666666667 n = 30*12 = 360

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3yeah the exponent is n

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0right @jim_thompson5910

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3i got the same

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0anything else thats wrong?

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3still checking

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3why did you pick $192,063 again? we already went over that one

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3the one with the balloon mortgage

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3so be sure to fix that as well

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3`Mabel has a 15 year adjustable rate mortgage with a fixed rate for the first 4 years. In the 5th year, the interest rate rises to 5.8%. The remaining balance at the end of the 4th years is $231,975.40. What is the monthly payment in the 5th year?` Use \[\Large M = \frac{L*i}{1(1+i)^{n}}\] L = 231,975.40 i = 0.058/12 = 0.004833 n = 11*12 = 132

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0is it 2381.2632443602311616

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3more like 2381.310317

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3but close enough

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0what about the question with hank and caesar

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3the one with hank, where you picked 570,702, is correct

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0that one i know is wrong

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3they pulled a mean trick on that one

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3instead of 0.5% the origination fee is 1%

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3but you got the right answer (by randomly guessing? lol) 1.75*0.01*110500+2.0*0.01*110500 = 4,143.75

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0and the last three of the questions

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3the Bradley one is correct

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0i will solve it check the next 2

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0what about the last 2

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.33,455.20 is correct for that one

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3did you guess on the last 2 as well?

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3they are correct

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0thank you @jim_thompson5910

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0can you answer one last question for me?

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0Why it is necessary to prorate expenses? Explain in complete sentences. @jim_thompson5910

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3tell me what you think

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0i am not sure @jim_thompson5910

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3what does prorate mean? any idea?

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0to disribute money evenly

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3so what do they mean when they say "prorate expenses" ?

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3you're on the right track

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0to distibute such expenses evenly

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3so why is it necessary to do that?

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0so that the expenses are not being recieved unevenly which could cause discrepsy and issues in a possible bank account

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3Let's say that it costs $100 in property tax for a certain month (say June) If person A is selling the house to person B, and the house is fully sold on June 10th, is it fair for person A to pay all of the $100 tax for the full month of June?

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0no bc he he already sold the property

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3so it's more fair to have person A pay 10/30 = 1/3 of the $100 tax bill and have person B pay 20/30 = 2/3 of the bill

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3that's one example of prorating expenses

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0so what does this imply like by definition

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3mortgage insurance is another item that's prorated

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3like you said: to split up the costs fairly

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3and the split is based on how long the person has possession of the property

jim_thompson5910
 one year ago
Best ResponseYou've already chosen the best response.3the split would be 50/50 if person A had the property for the first 15 days, and person B had it for the rest of the 15 days
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