26 A borrower earns $8,000 in monthly grossincome, has a $900 principal and interestconventional mortgage payment, a property taxescrow payment of $80 per month, a minimummonthly credit card payment of $200 and anauto loan Installment of $300. Furthermore, theborrower contributed $200 to charity and paldan advance of $500 to a furniture vendor. Whatis the borrower's debt-to-income ratio?A) 12.25%B) 16.00%C) 17.25%D) 18.50%

Answered: Image /qna-images/answer/cdab2c2e-fb24-4c63-ba2b-cbd2009e0eb7.jpg

Answered: 26 A borrower earns $8,000 in monthly…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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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?
1. Kate (she/her) is considering buying or leasing a new car. The cost of the car, before tax, is $31,071.00. a. The lease would cost $108.12/week, including tax, and the term of the lease is 60 months. How much would Kate pay by the end of the 60 months? b. If Kate buys the car, she must pay 13% tax on the selling price. She can finance it for a biweekly amount of $251.79 for 72 months. How much does the car cost, including tax? How much will she pay to purchase the car? c. What are the benefits of each of the options for Kate?
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2. Jason's gross monthly income is $3800 a month and he pays monthly expenses of $670 for his mortgage payment, $105 for heating, and $187 in property taxes. a) Determine Jason's Gross Debt Service Ratio (GDSR) if he decides to make monthly mortgage payments of $900 instead of $670. b) Based on the GDSR can Jason afford to make these payments? Justify your answer. Make sure you have saved your work for each question and submit your file when you are ready. Save it as "M1LE4 assign_username.docx"
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1.7: answers
8. Calculate your pay after tax if your Gross pay is $75000 per year. The latest Federal tax bracket is as under: Federal tax rates for 2023 • 15% on the portion of taxable income that is $53,359 or less, plus • 20.5% on the portion of taxable income over $53,359 up to $106,717, plus • 26% on the portion of taxable income over $106,717 up to $165,430, plus • 29% on the portion of taxable income over $165,430 up to $235,675, plus • 33% on the portion of taxable income over $235,675
You have a credit card that has a balance of $3,589.90 and a credit limit of $5,000. If you have a good credit rating, how much must you pay at the end of the month to get the balance to the acceptable debt ratio percentage? Secured Unsecured Credit APR (%) APR (%) Excellent 4.75 5.50 Good 5.00 5.90 Average 5.85 6.75 Fair 6.40 7.25 Poor 7.50 8.40
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