John estimates he can afford a total of $8000 a year in rent. What can he afford as a monthly payment

Tobin is buying a new apartment. He can afford a mortgage payment of $1990 a month, and a down payment of $11000. He obtained a 16-year loan at 6.05% compounded monthly. Use Excel to determine what the most expensive apartment he can buy under these terms. How much will Tobin pay in interest over the 16-year years?   Apartment price = $ Interest paid = $

Aura currently pays $800 each month to rent her apartment. Due to inflation, however, her rent is increasing by $50 each year. Meanwhile, her monthly take-home pay is $1500 and she predicts that her monthly pay will only increase by $15 each year. Assuming that her rent and take-home pay will continue to grow linearly, will her rent ever equal her take-home pay? If so, when? And how much will rent be that year?

Joe wants to own a home in the future. He asks you describe an advantages and disadvantage of a FRM versus an ARM.       He then asks you to describe the advantages and disadvantages of a 15-year loan versus a 30-year loan.       He also wants to know how the portion of the home payment that comprises interest changes over the years assuming he takes out an FRM.             Is there anything he can do to reduce the total amount he’ll pay for the home?      What else would be added to his monthly mortgage payment?        What are three benefits of home ownership? What are three benefits of renting?

Jessica purchases a house for $323,000 and takes a mortgage for the full amount. Her mortgage charges 6.75% per year and interest is compounded monthly. She will repay the loan over 25 years with equal monthly payments. a) What is her monthly payment amount? b) How much of the 8th payment would be applied toward interest? c) How much would be the payoff amount if the mortgage is to be paid at the end of year 2 (i.e., before the 24th payment is made)?