Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

Rent to own worksheet answers

03/11/2021 Client: muhammad11 Deadline: 2 Day

Renting And Buying Worksheet

Home ownership--is it still a part of your American dream? Are you a home owner or do you plan on being one? What are the pros and cons of renting versus buying? This assignment gives you a better idea of what to expect in each case.

Review your Week 4 Learning Activities, especially Focus on Personal Finance, Ch. 7

Homes: Renting and Buying Worksheet
1. Complete the “Buy or Rent Your Next Home” exercise on the Bankrate website: http://www.bankrate.com/calculators/mortgages/rent-or-buy-home.aspx

Respond to each of the following in a minimum of 50 words:

· What was the recommendation?

· What were the factors that led to that recommendation?

· Do you agree or disagree with the recommendation? Why?

2. Consider how economic conditions affect your decision to buy or rent (for example interest rates, unemployment rate, and inflation).

Explain in a minimum of 100 words the main benefits and drawbacks of renting versus owning a home.

3. Review Exhibit 7-4 in Ch. 7, page 225 of Focus on Personal Finance.

Summarize in at least 100 words the steps in the home-buying process.

4. Review Exhibit 7-6 in Ch. 7, page 230 of Focus on Personal Finance.

Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation. Show your calculations in the table below.

· Monthly gross income: $2,950

· Other Debt, monthly payment: $160

· Down payment to be made: 15% of purchase price

· Monthly property tax and insurance: $210

· 30-year mortgage at 6%

Enter your calculation and response in this column.

Step 1. Start with the monthly gross income.

$2,950

Step 2. Multiply Step 1 by .33 (which is the decimal form of 33%) for a PITI (principal, interest, taxes, and insurance) guideline.

Step 3. Subtract “Other Debt” payments from the result of Step 2 to determine the Affordable Monthly Mortgage Payment.

Step 4. Divide the result of Step 3 by 6.00 (this is the mortgage payment factor from Exhibit 7-7 based on a 30-year loan at 6%) and then multiply this by $1,000.

This is the Affordable Mortgage Amount.

Note: Does this amount seem reasonable for this scenario? If not, double-check your calculations.

Step 5. Divide the affordable mortgage amount by .85 (This is 1 minus the down payment percentage) to determine the Affordable Home Purchase.

Note: Does this amount seem reasonable for this scenario? If not, double-check your calculations.

5. If you were buying a home valued at $215,000, what is the minimum down payment you would need in order to avoid paying private mortgage insurance (PMI)? PMI is requested to protect the lender from potential default loss when there is insufficient equity in a home.

6. Debt payments-to-income ratios will likely be considered as you apply for a mortgage. The Focus on Personal Finance text suggests keeping this ratio below 20%. A mortgage lender will have their own ratio for all debt payments, including mortgage-to-income ratio, before they will consider approval. Using this information, answer the questions and show your calculations in the table below:

· Net monthly income: $4,000

· Expected full mortgage payment (PITI): $1,000

· Student loan payment: $250

· Car payment: $300

Enter your calculation and response in this column.

What is this person’s debt payments-to-income ratio?

What is this person’s debt payments-to-income ratio when the full mortgage payment is included?

If the mortgage lender required total payment to income ratio below 40%, would this person meet that standard?

If the mortgage lender required total payment to income ratio below 45%, what is the maximum monthly payments this person could have to meet the standard?

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Instant Assignment Writer
Chartered Accountant
Assignment Guru
Accounting Homework Help
ECFX Market
Finance Master
Writer Writer Name Offer Chat
Instant Assignment Writer

ONLINE

Instant Assignment Writer

As per my knowledge I can assist you in writing a perfect Planning, Marketing Research, Business Pitches, Business Proposals, Business Feasibility Reports and Content within your given deadline and budget.

$20 Chat With Writer
Chartered Accountant

ONLINE

Chartered Accountant

I have read your project description carefully and you will get plagiarism free writing according to your requirements. Thank You

$30 Chat With Writer
Assignment Guru

ONLINE

Assignment Guru

I have read your project details and I can provide you QUALITY WORK within your given timeline and budget.

$34 Chat With Writer
Accounting Homework Help

ONLINE

Accounting Homework Help

I am a PhD writer with 10 years of experience. I will be delivering high-quality, plagiarism-free work to you in the minimum amount of time. Waiting for your message.

$41 Chat With Writer
ECFX Market

ONLINE

ECFX Market

I have read your project details and I can provide you QUALITY WORK within your given timeline and budget.

$30 Chat With Writer
Finance Master

ONLINE

Finance Master

As an experienced writer, I have extensive experience in business writing, report writing, business profile writing, writing business reports and business plans for my clients.

$29 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

Work breakdown structure for planning a vacation - Goods held on consignment are - Essay - Discussion 4B - 5 talisman avenue edwardstown - How to view turnitin report monash - Chlorsig eye drops australia - Guardianship and trusteeship alberta forms - GHF D.3 - Huato jia ji points - 6 day push pull legs program - Morrisons cooked meat counter - My papa's waltz mla citation - Instilling a corporate culture that promotes good strategy execution - Rstudio pubs static s3 amazonaws com - A5 bigger than a4 - Leadership management case study - Jtc import export pty ltd - Jcpenney fair and square pricing strategy case study - One more valley one more hill jimmy swaggart - Issues and stakeholders - Marketing - Paper doll a view from the bridge - Explain how active directory impacts the ken 7 windows limited environment. - The making of a scientist by richard feynman answers - American History - B write the equation for ohm's law - La señora johnson es diabética y no puede comer azúcar - Restricted earth fault protection theory pdf - Mrp is most effective at managing independent demand items - Dekuuna code of the ancients - Dead poets society quotes i went to the woods - Who called atticus a negro lover - The crowding out effect of expansionary fiscal policy suggests that - Zoot suit character analysis - Liverpool john moores university distance learning - Chuck sox makes wooden boxes - 593 boat harbour drive urangan qld - Global business today multiple choice questions - Shakespeare for early years - Discussion Reponses (#2) - Swot bivariate strategy matrix - Otago university database - Media literacy 9th edition potter pdf free - IWCAS1 - Coupled shear wall ppt - Pos 2041 - Organizational culture survey tool for ebp examples - Animal jam trading party claw prizes - Divinely inspired moral law - Martin v hunter's lessee - Kfc preston deepdale halal - Mini case enterprise architecture at nationstate insurance - Methods of real analysis by richard r goldberg - What does a successful domestic sourcing plan entail - How to prove something is a parallelogram - W#15 Health Promotion replies - Ronald takaki a different mirror chapter 3 summary - Wk 2 Team - Annotated Bibliography - Wild west produces two types of cowboy hats - The whips assist the party leaders by - InfoTech Import Strategy in Plan- Week 4 - Module 01 Lab 02 - Metals Density Problems - Halotronic htm 70 230 - The art of public speaking chapter 8 - Welding symbols australian standard - Global atmospheric circulation worksheet - Stubhub failed to load shipping label - Characteristics of communicative language teaching - Discussion - Arguments against mobile phones in school - Argument Essay - Tandberg ttc7 09 manual - Dutch test for conflict handling - Biological conservation author guidelines - 2 questions - Each question needs 3 answers - with 1 APA reference for each answer - Each answer atleast 200 words - How to create a basic html page in notepad - Swot analysis of ferrero rocher - What is the difference between hindustani and carnatic music - Social issue - Importance of data in organization - Least common multiple of 9 75 and 15 - Drennan v star paving co - Internal morphology of perth - Discussion - In the heart disease diagnosis case study, what was a benefit of the sipmes expert system? - Plagiarism spectrum - Corporate Social Responsibility - Jack hopkins pacsun - Unwarranted assumption in critical thinking - How to record journal entries in excel - Assignment 1: Criminal Justice Report - Virtual fetal pig dissection lab answers - Urgent - Download Phantom Wallet Extension - St martin guide to writing 8th edition pdf - The case against spanking - Managing quality integrating the supply chain 5th edition pdf - ECON Forum Replies - How to do a rebuttal paragraph