The writer is very fast, professional and responded to the review request fast also. Thank you.
Hi, I have just these two questions in the subject of Business Math/Personal Finance that I really need help with, and I would be very thankful if anybody responds to it with the correct answers and with the work too!
1) Sue and Bob recently purchased a brick house for $150,000. They financed that amount at 8
percent for 30 years. The tax rate in their area is 71.57 mills and the rate of assessment is 40
percent. They purchased a homeowners policy for the purchase price of the house. The fire
protection in the neighborhood is rated class 9. For the month of July, they recorded the
following: $69.20 for electricity, $44.85 for telephone, $39.95 for cable TV, $18.80 for water,
and $74.65 to repair a door. They have a combined monthly net income of $5,400. What is their
monthly mortgage payment? What is the monthly insurance premium? What are their monthly
taxes? What was their total monthly housing cost for July? Is it within the FHA
recommendation?
2) Sue and Bob recently purchased a brick house for $200,000. They financed that amount at 8
percent for 30 years. The tax rate in their area is 61.57 mills and the rate of assessment is 60
percent. They purchased a homeowners policy for the purchase price of the house. The fire
protection in the neighborhood is rated class 7. For the month of July, they recorded the
following: $59.20 for electricity, $84.85 for telephone, $139.95 for cable TV, $68.87 for water,
and $74.65 to repair the walkway. They have a combined monthly net income of $7,400. What
is their monthly mortgage payment? What is the monthly insurance premium? What are their
monthly taxes? What was their total monthly housing cost for July? Is it within the FHA
recommendation?
Thanks a lot!
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