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A person was considering buying a house priced at $200,000. A mortgage company claimed the interest rate for the 20-year loan is 4.0%.the company also estimated that the points and appraisal, credit, report, processiong, document, preparation, administration,underwriting, flood certification, tax service, wire transfer,, and other fees would be at least $12,000 in total:

a) what would e he monthly payment, if the person decided to borrow 90% of the cost of the house and 100% of the processing fees?

b)what is the APR of the loan?

c)If the person accepts the terms of the loan on Feb,28,2010, the first monthly payment is due on March31. how much mortgage would be paid off after the payment on May 31,2011?

d)How much interest charge could this person claim for deduction in the 2011 Tax Return, i.e. the toal interest occur during year 2010?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M9945209

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