Math Project



Math Project

Answer 1

The make of the car is Toyota, the model of car is Civic, and the year of the second hand car to be bought is 2000.

Answer 2

The advertisement of aforementioned second hand car for sale was advertised on online web site named as www.ebay.com.

Answer 3

The price of second hand car as mentioned above is $2000 as per eBay web site.

Answer 4

The dollar amount of down payment on this car is estimated to be $70 i.e. 3.5% of $2000.

Answer 5

In order to pay off for the rest of the amount or price of car, one has to take a loan of $2000 - $70 = $1930.

Answer 6

The best interest rate for financing a used car for the state of Arizona and city phoenix as per the bankrate.com website is 2.24% (Bankrate.com, 2013).

Answer 7

As per the calculator given on the website that calculates monthly payments for the rest of 36 months to repay the loan in the mentioned tenure is calculated as $55.48.

Answer 8

When multiplied the monthly payment amount $55.48 to 36 months, we get $1997.28 amount that is to be paid back to the bank with in the mentioned tenure.

Answer 9

The finance charge or interest amount paid back to the bank on monthly basis is calculated as 2.24% * $1930, which is equal to $43.232 per month and the total interest paid for the given tenure of loan is calculated as $ 373.648., which is calculated by (1930 - 1556.352)

Answer 10

The total installment price is calculated as $70 + $ 1997.28 = $ 2067.28.

Answer 11

I have decided to live in Washington, USA area as per the given website (Locatehomes.com, 2013).

Answer 12

The address of the single family house selected for purchase is 5282 N US HWY 17, Washington, NC 27889.

Answer 13

The sale price of the chose house is $89,000. If 10% of the total price of house is paid as down payment then the remaining amount of the house to be paid is calculated as $89,000 - $8900 = $80,100.

Answer 14

The remaining amount of the house that is required to be financed from some bank is already calculated above and its $80,100.

Answer 15

The monthly payment amount of as per the mortgage calculator at the rate of 4.3% to finance a mortgage of $80,100 is calculated as $396.39.

Answer 16

The total amount of payments that will be paid back to bank over the 30 years time period is calculated as $396.39 * 360 = $ 142700.4.

Answer 17

The amount of interest paid back to the bank for the 30 year mortgage is calculated as $65829.96.

Answer 18

The chart below is used for estimating the closing cost of the loan, which is given below:

Loan Expenses

 /////////////

   Down Payment

$ 8900

   Loan Application Fee

$ 400.00

   Points (1.75 % of mortgage)

$1401.75

   Title Search

$       185.00

   Title Insurance

$       400.00

   Recording Fee

$        30.00

   Document Preparation Fee

$        55.00

   Credit Search

$        40.00

   Appraisal Fee

$       225.00

   Survey

$       150.00

   Closing Fee

$        50.00

  Monthly Mortgage payment

$396.39

  Monthly Taxes

$2581

  Monthly Insurance

$1246

  Estimated monthly PMI

$36.05

   Legal (Attorney)

$       ...