The type of loan that this is known to represent is what is referred to as the wraparound mortgage loan.
<h3>What is the wraparound mortgage loan?</h3>
This is the type of mortgage that has to do with the fact that the borrower is financing another loan when they have not been able to finance the original mortgage itself.
This type of loan is beneficial to a person given that they would be able to get a system of loan that may not have been possible before.
Hence we have to conclude that Jays financing a property when he has an existing mortgage is what is called the wraparound mortgage loan.
Read more on the wraparound mortgage loan here:
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Answer:
4%
Explanation:
Interest included in $918000 is for six months from 10/1/18 to 4/1/12.
Interest for first three month period from 10/1/18 to 31/12/18 = $9000.
This implies that :
Interest from 1/1/19 to 4/1/19 = $9000.
Principal amount excluding interest due:
= Baker's obligation amount - Accrued interest - Accrued interest
= $918,000 - $9,000 - $9,000
= $900,000
Interest rate:
= [($9,000 × 12/3) ÷ 900000] × 100
= 4%
Answer:
conduits
Explanation:
A mortgage-backed security is one in which is similar to bonds but that usually consists of home loans ought from banks that issued them. It is a type asset-backed security which can be sold through brokers.
investment in mortgage-backed assets means the investor is lending out his money to people that intend to get a home.
A mortgage-backed security can be bought directly from banks or through brokers. These brokers are also called conduits.
Cheers
Answer:
(D) $71,446
Explanation:
we will calcualte the present value for an 11 payments annuity-due (there is eleven payment of 10,000 if we count the one at purchase date) which couta is 10,000 discounted at 10%
C 10,000
time 11
rate 0.1
PV $71,445.6711
rounding to the nearest dollars: 71,446
