1. You apply for a home-equity loan. Your first mortgage has a current balance of $211,700. Based on an appraisal of $324,000 and an 80% LTV ratio, what is the maximum line of credit you can get?
$259,200
$169,360
$47,500
$89,840
2. You get a $174,000 mortgage loan and incur the following loan costs: 1% origination fee, ½ point, $75 credit report fee, $550 appraisal fee, $639 title insurance fee, $350 processing fee, $100 closing fee, and $80 for recording. What are your total loan costs?
$4,404
$2,610
$1,794
$4,689
3. XYZ Corporation has 120,000 shares of common stock and 60,000 shares of cumulative preferred stock. The annual dividend of the preferred stock is $1.50 per share. The only dividends paid last year were to preferred stockholders in the amount of $0.75 per share. This year the board of directors decided to distribute $1,564,200 in dividends. If you own 50 shares of common stock, what is the amount of your annual dividend?
$11.91
$595.50
$13.04
$651.75