1. Calculate the Gross Debt Service (GDS) and the Total Debt Service (TDS) ratios for the following data. Monthly mortgage payment = $2,725 Property taxes = $325 Heating costs $240 Other housing costs = $195 Personal loan payment = $275 Car loan payment = $325 Credit card payment = $275 Gross monthly household income = $14,050
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- Based on the following data, calculate the items requested: Rental Costs Buying Costs Annual rent Insurance $ 7,630 Annual mortgage payments $ 170 Property taxes Security deposit $ 775 Down payment/closing costs Growth in equity $ 10,300 (9,700 is $ 1,880 $ 5,000 $ 600 Insurance/maintenance Estimated annual appreciation $ 1,300 $ 1,950 Assume an after-tax savings interest rate of 7 percent and a tax rate of 32 percent. Assume this individual deductions that exceed the standard deduction amount. a. Calculate total rental cost and total buying cost. (Do not round intermediate calculations. Round your nearest whole dollar.)Based on the following data, calculate the items requested: Rental Costs Annual rent Insurance Security deposit. $ 7,930 $ 200 $ 925 Rental cost Buying cost Buying Costs Annual mortgage payments Property taxes Down payment/closing costs Growth in equity Insurance/maintenance Estimated annual appreciation b. Would you recommend buying or renting? $ 10,750 (9,850 is interest) $2,000 $5,450 Assume an after-tax savings interest rate of 5 percent and a tax rate of 26 percent. Assume this individual has other tax deductions that exceed the standard deduction amount. $ 900 $1,600 $2,250 a. Calculate total rental cost and total buying cost. (Do not round intermediate calculations. Round your answers to the nearest whole dollar.)Hypothetically, Suppose that a monthly net income is $3,340. Your monthly debt payments include your student loan payment and a gas credit card. They total $1,002. What is your debt payments-to-income ratio? I do not know how to enter the answer as a percent rounded to the nearest whole number. please help
- Based on the following data, calculate the items requested: Rental Costs Annual rent Insurance Security deposit $ 7,930 $ 200 $ 925 Buying Costs Annual mortgage payments Property taxes Rental cost Buying cost Down payment/closing costs Growth in equity Insurance/maintenance Estimated annual appreciation $ 10,750 (9,850 is interest) $ 2,000 $ 5,450 $900 $ 1,600 $2,250 Assume an after-tax savings interest rate of 5 percent and a tax rate of 26 percent. Assume this individual has other tax deductions that exceed the standard deduction amount. a. Calculate total rental cost and total buying cost. (Do not round intermediate calculations. Round your answers to the nearest whole dollar.)Calculate the housing expense ratio and the total obligation ratio (in %) for the following mortgage applications. (Round your answers to two decimal places.) Housing Total Obligations Ratio (%) Monthly Other Monthly Financial Monthly Applicant Gross PITI Expense Ratio (%) Income Expense Obligations Martin $3,700 $705 $740 % %Calculate the housing expense ratio and the total obligation ratio (in %) for the following mortgage applications. (Round your answers to two decimal places.) Other Monthly Housing Expense Ratio (%) Monthly Monthly Total Applicant Gross PITI Financial Obligations Ratio (%) Income Expense Obligations Martin $3,900 $705 $730 19.05 X % 38.78 X %
- Based on the following data, calculate the items requested: Rental Costs Buying Costs Annual rent $ 7,530 Annual mortgage payments $ 10,100 (9,650 is interest) Insurance $ 160 Property taxes $ 1,840 Security deposit $ 725 Down payment/closing costs $ 4,800 Growth in equity $ 450 Insurance/maintenance $ 1,200 Estimated annual appreciation $ 1,850 Assume an after-tax savings interest rate of 5 percent and a tax rate of 26 percent. Assume this individual has other tax deductions that exceed the standard deduction amount. a. Calculate total rental cost and total buying cost. (Do not round intermediate calculations. Round your answers to the nearest whole dollar.) b. Would you recommend buying or renting? multiple choice Renting BuyingCalculate the table factor, the finance charge, and the monthly payment (in $) for the loan by using the APR table, Table 13-1. (Round your answers to the nearest cent.) AmountFinanced Number ofPayments APR TableFactor FinanceCharge MonthlyPayment $8,800 36 11% $ $ $288.10Calculate the housing expense ratio and the total obligation ratio (in %) for the following mortgage applications. (Round your answers to two decimal places.) Monthly Other Monthly Housing Expense Ratio (%) Monthly Total Applicant Financial Obligations Ratio (%) Gross PITI Income Expense Obligations Martin $3,700 $605 $620 % Need Help? Read It I (1 Deintel DDECM ncO 14 IL015 MI ACK V oUD TO ACUED DDACTICE ANOTLUED DETALLC MY NOTES
- Calculate the finance charge (in $), the finance charge per $100 (in $), and the annual percentage rate for the installment loan by using the APR table, Table 13-1. (Round dollar amounts to the nearest cent.) Amount Financed = 17,950 Number of Payments = 48 Monthly Payment = 551.47 SOLVE FOR THE FOLLOWING: Finance Charge = $ Finance Charge per $100 = APR =________________ %Calculate the table factor, the finance charge, and the monthly payment (in $) for the loan by using the APR table. (Round your answers to the nearest cent.) AmountFinanced Number ofPayments APR TableFactor FinanceCharge MonthlyPayment $700 18 16% $ $ $Calculate the housing expense ratio and the total obligation ratio (in %) for the following mortgage applications. (Round your answers to two decimal places.) Other Monthly Financial Monthly Monthly Housing Expense Ratio (%) Total Applicant Obligations Ratio (%) Gross PITI Income Expense Obligations Emerson $2,700 $677 $270 %