Jim has an annual income of $240,000. Jim is looking to buy a house with monthly property taxes of $140 and monthly homeowner's insurance of $70. Jim has $178 in monthly student loan payments. Apple bank has a maximum front end DTI limit of 28% and a maximum back end DTI limit of 36%. Both limits must be satisfied. Apple bank is offering a fully amortizing 30 year FRM at an annual rate of 4.5%, with monthly payments, compounded monthly. What is the biggest loan Jim can get?
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- Jim has an annual income of $240,00O. Jim is looking to buy a house with monthly property taxes of $140 and monthly homeowner's insurance of $70. Jim has $178 in monthly student loan payments. Apple bank has a maximum front end DTI limit of 28% and a maximum back end DTI limit of 36%. Both limits must be satisfied. Apple bank is offering a fully amortizing 30 year FRM at an annual rate of 4.5%, with monthly payments, compounded monthly. What is the biggest loan Jim can get?Chuck Wells is planning to buy a Winnebago motor home. The listed price is $155,000. Chuck can get a secured add-on interest loan from his bank at 7.35% for as long as 60 months if he pays 15% down. Chuck's goal is to keep his payments below $3,600 per month and amortize the loan in 42 months. (a) Find Chuck's monthly payment (in $) with these conditions. (Round your answer to the nearest cent.) $ Can he pay off the loan and keep his payments under $3,600? Yes, under these conditions, Chuck will meet his goal. No, the monthly payment is too high. (b) What are Chuck's options to get his payments closer to his goal? (Select all that apply.) make a higher down payment try to bargain for a higher sale price try to bargain for a lower sale price try to negotiate a lower interest rate try to negotiate a higher interest rate make a lower down payment (c) Chuck spoke with his bank's loan officer, who has agreed to finance the deal with a 6.95% loan if Chuck can pay 20% down.…Chuck Wells is planning to buy a Winnebago motor home. The listed price is $155,000. Chuck can get a secured add-on interest loan from his bank at 7.35% for as long as 60 months if he pays 15% down. Chuck's goal is to keep his payments below $3,600 per month and amortize the loan in 42 months. (a) Find Chuck's monthly payment (in $) with these conditions. (Round your answer to the nearest cent.)
- Chuck Wells is planning to buy a Winnebago motor home. The listed price is $155,000. Chuck can get a secured add-on interest loan from his bank at 7.35% for as long as 60 months if he pays 15% down. Chuck's goal is to keep his payments below $3,600 per month and amortize the loan in 42 months. (a) Find Chuck's monthly payment (in $) with these conditions. (Round your answer to the nearest cent.) $ * Can he pay off the loan and keep his payments under $3,600? __Yes, under these conditions, Chuck will meet his goal. __No, the monthly payment is too high. (b) What are Chuck's options to get his payments closer to his goal? (Select all that apply.) __try to bargain for a lower sale price __try to negotiate a lower interest rate __try to bargain for a higher sale price __make a lower down payment __make a higher down payment __try to negotiate a higher interest rate (c) Chuck spoke with his bank's loan officer, who has agreed to finance the deal with a 6.85% loan if…Chuck Wells is planning to buy a Winnebago motor home. The listed price is $155,000. Chuck can get a secured add-on interest loan from his bank at 7.45% for as long as 60 months if he pays 15% down. Chuck's goal is to keep his payments below $3,600 per month and amortize the loan in 42 months. (a) Find Chuck's monthly payment (in $) with these conditions. (Round your answer to the nearest cent.) $ Can he pay off the loan and keep his payments under $3,600? Yes, under these conditions, Chuck will meet his goal.No, the monthly payment is too high. (b) What are Chuck's options to get his payments closer to his goal? (Select all that apply.) try to negotiate a lower interest ratemake a higher down paymenttry to bargain for a higher sale pricetry to bargain for a lower sale pricemake a lower down paymenttry to negotiate a higher interest rate (c) Chuck spoke with his bank's loan officer, who has agreed to finance the deal with a 6.95% loan if Chuck can pay 20% down. What…Chuck Wells is planning to buy a Winnebago motor home. The listed price is $155,000. Chuck can get a secured add-on interest loan from his bank at 7.25% for as long as 60 months if he pays 15% down. Chuck's goal is to keep his payments below $3,600 per month and amortize the loan in 42 months. (a)Find Chuck's monthly payment (in $) with these conditions. (Round your answer to the nearest cent.) $ _______ Can he pay off the loan and keep his payments under $3,600? A. Yes, under these conditions, Chuck will meet his goal.No, the monthly B. payment is too high. (b)What are Chuck's options to get his payments closer to his goal? (Select all that apply.) A. make a lower down payment B. try to negotiate a higher interest rate C. make a higher down payment D. try to bargain for a lower sale price E. try to bargain for a higher sale price F. try to negotiate a lower interest rate (c)Chuck spoke with his bank's loan officer, who has agreed to finance the deal with a 6.95% loan…
- Chuck Wells is planning to buy a Winnebago motor home. The listed price is $155,000. Chuck can get a secured add-on interest loan from his bank at 7.25% for as long as 60 months if he pays 15% down. Chuck's goal is to keep his payments below $3,600 per month and amortize the loan in 42 months. (a)Find Chuck's monthly payment (in $) with these conditions. (Round your answer to the nearest cent.) $__ Can he pay off the loan and keep his payments under $3,600? Yes, under these conditions, Chuck will meet his goal. or No, the monthly payment is too high. (b) What are Chuck's options to get his payments closer to his goal? (Select all that apply.) try to negotiate a lower interest ratetry to negotiate a higher interest rate try to bargain for a lower sale price make a lower down payment make a higher down payment try to bargain for a higher sale price (c) Chuck spoke with his bank's loan officer, who has agreed to finance the deal with a 6.95% loan if Chuck can…Chuck Wells is planning to buy a Winnebago motor home. The listed price is $155,000. Chuck can get a secured add-on interest loan from his bank at 7.25% for as long as 60 months if he pays 15% down. Chuck's goal is to keep his payments below $3,600 per month and amortize the loan in 42 months. (a) Find Chuck's monthly payment (in $) with these conditions. (Round your answer to the nearest cent.) $ Can he pay off the loan and keep his payments under $3,600? O Yes, under these conditions, Chuck will meet his goal. No, the monthly payment is too high. (b) What are Chuck's options to get his payments closer to his goal? (Select all that apply.) try to bargain for a lower sale price make a lower down payment try to negotiate a lower interest rate O make a higher down payment O try to negotiate a higher interest rate O try to bargain for a higher sale price (c) Chuck spoke with his bank's loan officer, who has agreed to finance the deal with a 6.85% loan if Chuck can pay 20% down. What will…Chuck Wells is planning to buy a Winnebago motor home. The listed price is $155,000. Chuck can get a secured add-on interest loan from his bank at 7.25% for as long as 60 months if he pays 15% down. Chuck's goal is to keep his payments below $3,600 per month and amortize the loan in 42 months. (a) Find Chuck's monthly payment (in $) with these conditions. (Round your answer to the nearest cent.) $ 3,943.87 Can he pay off the loan and keep his payments under $3,600? O Yes, under these conditions, Chuck will meet his goal. No, the monthly payment is too high. (b) What are Chuck's options to get his payments closer to his goal? (Select all that apply.) try to bargain for a lower sale price make a lower down payment V try to negotiate a lower interest rate V make a higher down payment O try to negotiate a higher interest rate try to bargain for a higher sale price (c) Chuck spoke with his bank's loan officer, who has agreed to finance the deal with a 6.85% loan if Chuck can pay 20% down.…
- Chuck Wells is planning to buy a Winnebago motor home. The listed price is $155,000. Chuck can get a secured add-on interest loan from his bank at 7.25% for as long as 60 months if he pays 15% down. Chuck's goal is to keep his payments below $3,600 per month and amortize the loan in 42 months. (a)Find Chuck's monthly payment (in $) with these conditions. (Round your answer to the nearest cent.)$__________ Can he pay off the loan and keep his payments under $3,600? Yes, under these conditions, Chuck will meet his goal. No, the monthly payment is too high. (b)What are Chuck's options to get his payments closer to his goal? (Select all that apply.) try to negotiate a lower interest ratetry to negotiate a higher interest ratetry to bargain for a lower sale price make a lower down payment make a higher down payment try to bargain for a higher sale price (c)Chuck spoke with his bank's loan officer, who has agreed to finance the deal with a 6.95% loan if Chuck can pay 20%…Chuck Wells is planning to buy a Winnebago motor home. The listed price is $155,000. Chuck can get a secured add-on interest loan from his bank at 7.25% for as long as 60 months if he pays 15% down. Chuck's goal is to keep his payments below $3,600 per month and amortize the loan in 42 months. (a) Find Chuck's monthly payment (in $) with these conditions. (Round your answer to the nearest cent.) 2$ Can he pay off the loan and keep his payments under $3,600? O Yes, under these conditions, Chuck will meet his goal. O No, the monthly payment is too high. (b) What are Chuck's options to get his payments closer to his goal? (Select all that apply.) try to bargain for a lower sale price O try to negotiate a lower interest rate O try to negotiate a higher interest rate O make a lower down payment O try to bargain for a higher sale price make a higher down payment (c) Chuck spoke with his bank's loan officer, who has agreed to finance the deal with a 6.85% loan if Chuck can pay 20% down. What…Chuck Wells is planning to buy a Winnebago motor home. The listed price is $185,000. Chuck can get a secured add-on interest loan from his bank at 7.35% for as long as 60 months if he pays 15% down. Chuck's goal is to keep his payments below $4,300 per month and amortize the loan in 42 months. (a) Find Chuck's monthly payment (in $) with these conditions. (Round your answer to the nearest cent.) $ 4257.64 × Can he pay off the loan and keep his payments under $4,300? Yes, under these conditions, Chuck will meet his goal. No, the monthly payment is too high. (b) What are Chuck's options to get his payments closer to his goal? (Select all that apply.) □ □ □ □ □ make a lower down payment try to bargain for a lower sale price make a higher down payment try to negotiate a higher interest rate try to bargain for a higher sale price try to negotiate a lower interest rate