26 A borrower earns $8,000 in monthly gross income, has a $900 principal and interest conventional mortgage payment, a property tax escrow payment of $80 per month, a minimum monthly credit card payment of $200 and an auto loan Installment of $300. Furthermore, the borrower contributed $200 to charity and pald an advance of $500 to a furniture vendor. What is the borrower's debt-to-income ratio? A) 12.25% B) 16.00% C) 17.25% D) 18.50%

A prospective car buyer can choose between a fixed and a variable interest rate and can also choose a payment period of 36 months, 48 months, or 60 months. How many total outcomes are possible?

Someone needs to borrow $15,000 to buy a car and the person has determined that monthly payments of $300 are affordable. The bank offers a 3-year loan at 6% APR, a 4-year loan at 6.5%, or a 5-year loan at 7% APR. Which loan best meets the person's needs? Explain. Which loan best meets the person's needs? (Round to the nearest cent as needed.) A. The first loan best meets the person's needs because the monthly payment of $ is less than the maximum budgeted amount of $300 per month. OB. The second loan best meets the person's needs because the monthly payment of $ maximum budgeted amount of $300 per month. C. The third loan best meets the person's needs because the monthly payment of $ budgeted amount of $300 per month. O D. None of the loans meet the person's needs. is less than the is less than the maximum

Loans and Installment Plans 1. A loan used for buying a home is called a mortgage. The Fortunato family is borrowing $450,000 to buy a home. They are taking out a 30-year mortgage at a rate of 3.55%. a. Compute the monthly payment to the nearest cent. b. Find the total of all of the monthly payments for 30 years. c. What is the total interest? d. Which is greater, the interest or the original cost of the home?