NMLS MATH

NMLS MATH QUESTIONS AND ANSWERS A+ GRADED.Buy Quality Materials! how many weeks in a year (paid weekly) 52 weeks how many weeks in year (paid every 2 weeks) (bi-weekly) 26 weeks How many weeks in a year paid twice a month (bi-monthly) 24 times gross income= before taxes will use gross income for calculations net income= income after taxes

NMLS MATH QUESTIONS AND ANSWERS A+ GRADED.Buy Quality Materials! Annual Interest Amount Formula Loan Amount × Note Rate (Interest Rate or Nominal Rate) Monthly Interest Amount Formula Loan Amount × Note Rate ÷ 12 On a loan amount of $110,000 with an interest rate of 5.25%, what is the amount of interest the borrower will pay in a year? $5,775.00 ($110,000×5.25%) On a loan amount of $110,000 with an interest rate of 5.25%, what is the amount of interest the borrower will pay monthl...

NMLS MATH QUESTIONS AND ANSWERS A+ GRADED.Buy Quality Materials! An 80/20 combo loan with the sales price of $175,000, a rate of 6% for the 80% first mortgage, and a rate of 8.5% for the 20% second mortgage would have a first mortgage loan amount of what? C The first mortgage is 80% of the sale price: $175,000 x 80% = $140,000. A borrower has a stable monthly income of $4,000 and recurring debts of $600. If he's getting an FHA loan, what's the maximum monthly payment for which he wo...

NMLS MATH QUESTIONS AND ANSWERS A+ GRADED.Buy Quality Materials! LTV loan amount ---------------- lower of appraised value or purchase price DTI -Front End Ratio PITI --------- Gross monthly income DTI - Back End Ratio PITI+ALL other monthly debt ---------------------

NMLS MATH QUESTIONS AND ANSWERS A+ GRADED.Buy Quality Materials! If an applicant works 30 hours every week and is paid $25.00 per hour, what is the applicant's monthly income? $3,250 ($25.00 x 30hrs a week x 52weeks in year / 12) A property sold for $200,000 and was appraised at $180,000. The borrower received a loan for $150,000. What is the loan-to-value? 83.3% ($150,000/$180,000) The purchase price of a home is $200,000 and the loan amount is $180,000. The borrower pays 6% inter...

NMLS MATH QUESTIONS AND ANSWERS A+ GRADED.Buy Quality Materials! What does biweekly mean and how many pay periods are within a year? paid every other week; 26 pay periods What does bimonthly mean and how many pay periods are within a year? twice a month; 24 pay periods Loan Amount * note Rate (Interest Rate) = Annual Interest Amount Annual Interest Amount Loan Amount * note Rate (Interest Rate) = Loan Amount * Note Rate (Interest Rate) = Monthly Interest Amount Monthly Interest Am...

NMLS MATH QUESTIONS AND ANSWERS A+ GRADED.Buy Quality Materials! Calculating qualifying monthly payment: A borrower's stable monthly income is $6,800. Every month he pays: $485 car payment, $200 revolving credit payment, and $1,500 alimony. What is the maximum monthly mortgage payment for which he would qualify on an FHA mortgage loan? $739 6800 x 31%=2108 (6800 x 43%) - (485+200+1500)=739 Answer is whichever is less (Income x housing expense ratio)= x (Income x total deb...

NMLS MATH QUESTIONS AND ANSWERS A+ GRADED.Buy Quality Materials! The Minimum down payment contribution needed for a home with an FHA-appraised value of $132,000 (assuming a credit score about 579) is $4,620 A seller agrees to oay for two points on a buyers loan. the Price is $60,000 and the buyer is making a 20% down payment. Two points equal? $960 A borrowers stable monthly gross income is $6800. Every month he pays $485 car payment, $200 revolving credit payment, and $1500 alimony. Wh...

NMLS MATH QUESTIONS AND ANSWERS A+ GRADED.Buy Quality Materials! WHAT THE MATH?! How to determine: Interest Only Payments Loan Amount * Interest Rate (Note Rate) = Annual Interest Amount Loan Amount * Interest Rate (Note Rate) / 12 = Monthly Interest Amount On a loan amount of $200,000 with a note rate of 6.5%, what is the amount of interest that the borrower will pay annually? $13,000 WHY? 200,000 (loan amount) * .065 (interest /note rate) = 13,000 (annual interest payment amount...