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 w

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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!

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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 w
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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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