08 Jun Question Amanda and Blake have found a house, which owing to a depressed real estate market costs only $201500. They will put $22000 down and finance the rem
Question
Amanda and Blake have found a house, which owing to a depressed real estate market costs only $201500. They will put $22000 down and finance the remainder with a 30-year mortgage loan from Bank of America at 4.65% (compounded monthly). Show work
a) How much is their monthly loan payment?
b) How much interest will they pay in the second payment?
c) They will also have the following expenses: property taxes of $2100, homeowners’ insurance of $1625, and $290 mortgage insurance (in case one of them dies before the loan is repaid, a requirement of the bank). These annual amounts are paid in 12 installments and added to the loan payment. What will Amanda and Blake’s full monthly cost be?
d) If they can afford $1200 per month, can Amanda and Blake afford the house.
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