can someone please check my work on mortgage?

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can someone please check my work on mortgage?

Mathematics
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Other answers:

first two look good so far
question 3 is incorrect
how would i solve that one
what is 1.5% of that mortgage?
multiply?
yeah 0.015 with the mortgage amount
1.5% =0.015
of what?
the $197,000 mortgage
which is 295000
2955
add that onto 2000
since it says "A mortgage broker charges $2000 plus 1.5% of the mortgage amount"
4955
yes
anything else that was wrong @jim_thompson5910
there are some here you didn't answer
which ones
like "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"
and "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 that it or is there more
there are more basically where you didn't highlight the answer in yellow
I'll be right back
yeah that is my answer the ones i highlighted @jim_thompson5910
are you still checking it @jim_thompson5910
yes no maybe? @jim_thompson5910
yes I'm still checking
the one with "What is the amount of the balloon payment rounded to the nearest dollar?" is incorrect where you picked $192,063
ok how can i fix that
go here http://www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx
type in the given mortgage amount (200,000) interest rate (7%) time (15 years) then scroll to June 2019
look in the last column
165,163.53?
which rounds to 165,164
anything else that is wrong?
"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
take 1% of the mortgage, then multiply by 2.25
1% of 156,000
yeah
3510
any more?
what about the hank and caesar one?
I'm looking at the ones you answered. I'm onto the last one
i answered both hank and caesar?
?????
you didn't mark the answer
some of the questions weren't marked
can you tell me the ones i didn't mark @jim_thompson5910
the question "What is the break-even point for the loans?" has the correct answer that you marked (10 years)
the other stuff is unmarked, so I'll let you do that part.
which questions tell me the beginning of the question
it's in the doc file. There are a lot that weren't marked
what do you mean without the highlighter?
yeah
there are no yellow highlights
let me highlight them then
1 Attachment
i fixed it @jim_thompson5910
ok let me check
this 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?`
ok how can i fix it
take 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
i got 10200
wait wait
its 13200
right?
yep
`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
I'm not sure how you got that
how would i fix it
$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
multiply each one right?
yeah and keep in mind 12 months = 1 year
so multiply the years by 12?
and then add the price
yes to convert to months
so then for example i multiply 60 * 2997.75 or add the two
yeah do that for the three lines, then add the results
so i multiply them
then add, yes
i got it. anything else that is wrong?
what answer did you get
1065615.6
good
`Jackie obtains a 30-year 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
Use the formula \[\Large M = \frac{L*i}{1-(1+i)^{-n}}\] L = 313,500 i = 0.05/12 = 0.00416666666667 n = 30*12 = 360
-n?
yeah the exponent is -n
i got 1682.94
i got the same
anything else thats wrong?
still checking
why did you pick $192,063 again? we already went over that one
the one with the balloon mortgage
yeah we did
so be sure to fix that as well
`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
is it 2381.2632443602311616
more like 2381.310317
but close enough
what about the question with hank and caesar
the one with hank, where you picked 570,702, is correct
ceasar?
caesar?
that one i know is wrong
not sure yet
they pulled a mean trick on that one
instead of 0.5% the origination fee is 1%
so what do i do
but you got the right answer (by randomly guessing? lol) 1.75*0.01*110500+2.0*0.01*110500 = 4,143.75
lol yay
check bradley
and the last three of the questions
the Bradley one is correct
the mortgage one?
???
see attached
i will solve it check the next 2
i got 3,455.20
what about the last 2
3,455.20 is correct for that one
did you guess on the last 2 as well?
they are correct
thank you @jim_thompson5910
can you answer one last question for me?
Why it is necessary to prorate expenses? Explain in complete sentences. @jim_thompson5910
tell me what you think
i am not sure @jim_thompson5910
what does prorate mean? any idea?
to disribute money evenly
so what do they mean when they say "prorate expenses" ?
you're on the right track
to distibute such expenses evenly
so why is it necessary to do that?
so that the expenses are not being recieved unevenly which could cause discrepsy and issues in a possible bank account
???
Let'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?
no bc he he already sold the property
so 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
that's one example of prorating expenses
so what does this imply like by definition
mortgage insurance is another item that's prorated
like you said: to split up the costs fairly
and the split is based on how long the person has possession of the property
oh ok
the 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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