Some Basic Financial Math on Taxes and Mortgages Essay
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Unit AssignmentQuestion 1a) Given these options, the 30-year mortgage should be selected, because it offers a monthly payment that fits the budget, whereas the 25-year mortgage does not.Question 1.Cost245000Downpayment37730Principal207270rate6.50%monthly rate0.542%2530Monthly Pmt-$1,399.5-$1,310.1b) PITIP & I$1,310.09Tax200Insurance143.33333Monthly PITI$1,653.42Annual PITI$19,841.05c) Principal BalanceMonth 1Month 2Month 3Principal Start$ 207,270$ 207,083$ 206,894Interest$ 1,123$ 1,122$ 1,121less Payment$ 1,310$ 1,310$ 1,310Principal End$ 207,083$ 206,894$ 206,705After three payments, the remaining principal will be $206,705.d)Assessment147000Tax Rate0.0185Taxes2719.5The new taxes will be $2719.50Question 2.a)Total Budget87624000Valuation7986413000Tax Rate1.10%The taxes per $100 are $1.10, rounded, or $1.097 unrounded.b)Tax Rate1.097%Valuation180500Taxes$ 1,980.38Question 3a)Cost14816Tax Rate9.20%Taxes$ 1,363.07b)Total Price$9Tax Rate5.95%Taxes$ 0.51Marked Price$ 8.49Question 4Cost$ 2.76Excise Tax$ 0.494Marked Price$ 2.27% Tax17.90%
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"Some Basic Financial Math On Taxes And Mortgages", 07 March 2018, Accessed.5 June. 2026, https://www.aceyourpaper.com/essays/basic-financial-math-taxes-mortgages-2177589
