Rene and Jefferson Franklin want to purchase a $560,000 home. They plan to make a 25% down payment and finance the remaining amount through Peabody Savings Association. Peabody has these closing costs: application fee,$325; credit report, $90; appraisal report,$555; title insurance, $490; survey and photographs,$325; recording fee, $65; legal fees,$780; and first 6 months of property taxes, $1,789. If the seller agreed to pay 50% of the closing costs, how much money will the Franklins need to secure the loan, including the down payment?

Rene and Jefferson Franklin are interested in purchasing a $60,000 home. They plan to make a 20 percent down payment and finance the remaining amount through Peabody Savings Association. Peabody Savings has these closing costs: credit report,$80; appraisal report, $255; title insurance,$190; survey and photographs, $325; recording fee,$65; legal fees, $280; and property taxes,$789. If the loan is approved, how much cash will the Franklins need to secure the loan, including the down payment?

Barry and Kate Ellerson have agreed to purchase a house for $96,500. Universal Savings and Loan Association is willing to lend the money at 6% for 25 years, provided they can make a$10,000 down payment. What is the mortgage total if they finance the closing costs?

Use the closing costs to calculate the (a) total closing costs and (b) total amount of the mortgage if the closing costs are financed. Christi Schrock purchases a home with a mortgage loan of $271,000.$

$$\begin{array}{c}\\ \text{Closing Cost}\\ \begin{array}{|l|c|} \hline \text { Application Fee } & \$ 252 \\ \hline \text { Borrower's Credit Check } & 65 \\ \hline \text { Points } & 2.00 \% \text { of Mortgage } \\ \hline \text { Appraisal Fee } & \$ 325 \\ \hline \text { Title Search } & 212 \\ \hline \text { Title Insurance } & 410 \\ \hline \text { Inspection } & 350 \\ \hline \text { Attorney Fee } & 450 \\ \hline \text { Documentation Stamp } & 0.30 \% \text { of Mortgage } \\ \hline \text { Processing Fee } & 1.10 \% \text { of Mortgage } \\ \hline \end{array} \end{array}$$

$

Find the amount financed. Meghan Barnes purchased photography equipment for $4,100 with a$1,000 down payment.

Rene and Jefferson Franklin are interested in purchasing a $60,000 home. They plan to make a 20% down payment and finance the remaining amount through Peabody Savings Association. Peabody Savings has these closing costs: credit report,$30; appraisal report, $255; title insurance,$190; survey and photographs, $225; recording fee,$45; legal fees, $280; and property taxes,$389. If the loan is approved, how much cash will the Franklins need to secure the loan, including the down payment?

If your annual expenses are $7,000, your monthly living expenses are$870, and your monthly fixed expenses are $987, find your monthly share of annual expenses and your total monthly expenses.

Barry and Ella Ellerbee have agreed to purchase a house for $96,500. Kenmore Savings and Loan Association is willing to lend the money at 12.25% for 25 years provided they can make a$10,000 down payment. The total closing cost is 3.25% of the amount of the mortgage loan. What is their closing cost?

What types of costs are included in the cost of living?

Use the closing costs to calculate the (a) total closing costs and (b) total amount of the mortgage if the closing costs are financed. Vincent and Sue Helmsley buy a home with a mortgage loan of $120,000.$

$$\begin{array}{c}\\ \text{Closing Cost}\\ \begin{array}{|l|c|} \hline \text { Application Fee } & \$ 252 \\ \hline \text { Borrower's Credit Check } & 65 \\ \hline \text { Points } & 2.00 \% \text { of Mortgage } \\ \hline \text { Appraisal Fee } & \$ 325 \\ \hline \text { Title Search } & 212 \\ \hline \text { Title Insurance } & 410 \\ \hline \text { Inspection } & 350 \\ \hline \text { Attorney Fee } & 450 \\ \hline \text { Documentation Stamp } & 0.30 \% \text { of Mortgage } \\ \hline \text { Processing Fee } & 1.10 \% \text { of Mortgage } \\ \hline \end{array} \end{array}$$

$

Use the closing costs to calculate the (a) total closing costs and (b) total amount of the mortgage if the closing costs are financed. Jack and Dina King purchase a home with a mortgage loan of $420,000.$

$$\begin{array}{c}\\ \text{Closing Cost}\\ \begin{array}{|l|c|} \hline \text { Application Fee } & \$ 252 \\ \hline \text { Borrower's Credit Check } & 65 \\ \hline \text { Points } & 2.00 \% \text { of Mortgage } \\ \hline \text { Appraisal Fee } & \$ 325 \\ \hline \text { Title Search } & 212 \\ \hline \text { Title Insurance } & 410 \\ \hline \text { Inspection } & 350 \\ \hline \text { Attorney Fee } & 450 \\ \hline \text { Documentation Stamp } & 0.30 \% \text { of Mortgage } \\ \hline \text { Processing Fee } & 1.10 \% \text { of Mortgage } \\ \hline \end{array} \end{array}$$

$

Use the closing costs to calculate the (a) total closing costs and (b) total amount of the mortgage if the closing costs are financed. Jeremy Roberts purchases a condo with a mortgage loan of $50,000.$

$$\begin{array}{c}\\ \text{Closing Cost}\\ \begin{array}{|l|c|} \hline \text { Application Fee } & \$ 252 \\ \hline \text { Borrower's Credit Check } & 65 \\ \hline \text { Points } & 2.00 \% \text { of Mortgage } \\ \hline \text { Appraisal Fee } & \$ 325 \\ \hline \text { Title Search } & 212 \\ \hline \text { Title Insurance } & 410 \\ \hline \text { Inspection } & 350 \\ \hline \text { Attorney Fee } & 450 \\ \hline \text { Documentation Stamp } & 0.30 \% \text { of Mortgage } \\ \hline \text { Processing Fee } & 1.10 \% \text { of Mortgage } \\ \hline \end{array} \end{array}$$

$

Find the (a) monthly payment, (b) total amount paid, and (c) total interest charged. Abigail and Curtis Siebert: $270,000 mortgage at 7% for 20 years.

Ajani Zeta's home is located in Baton Rouge, Louisiana, where the rate of assessment is 10% of market value. The tax rate is 94.523 mills. His home has a market value of $480,000. (a) What is its assessed value? (b) What is the property tax?