Let’s assume instead they have great credit and qualify for a loan with an APR of 4.025%, what size home mortgage loan could they borrow that could be paid off in 30 years with these $950 monthly payments? Having an annual income of 46,000   it is not 154926.39

Q: You want to buy a $210,000 home. You plan to pay $10500 as a down payment, and take out a 30 year…

A: The loan amount would be the remaining amount after deducting the down payment from the purchase…

Q: Mr. and Mrs. Bogdanovich want to buy a house that costs $585,000. They can only afford to pay $2200…

A: Down Payment: If a buyer is acquiring an expensive commodity or service, a down payment is a…

Q: Suppose you take out a 30-year mortgage for a house that costs $303,023. Assume the following: The…

A: A mortgage is a loan taken that has to be repaid in equal periodic installments. The monthly amount…

Q: Your parents are buying a house for $187,500. They have a good credit rating, are making a 20% down…

A:

Q: 4. Mortgage payments Mortgages, loans taken to purchase a property, involve regular payments at…

A: A mortgage is a type of loan specifically used to purchase real estate. In a mortgage agreement, the…

Q: You want to buy a $255,000 home. You plan to pay 5% as a down payment, and take out a 30 year loan…

A: Amount of home = $255,000 Down payment = 5%  The time duration of the loan = 30 years

Q: 2. That calculated monthly expense should include all housing costs (such as insurance, property…

A: (2).Here, PMT = 950  nper = 30*12 = 360Months and rate = 5.481% / 12 Hence, the size of a home…

Q: You would like to purchase a home and are interested to find out how much you can borrow. Your…

A: Here,MaximumMonthly Payment (PMT) is $1,519Interest Rate (r) is 4%Time Period (n) is 30…

Q: Let’s assume instead they have great credit and qualify for a loan with an APR of 4.025%, what size…

A: Using financial calculator N (no. of compounding period) =30 years * 12 = 360 I/Y (rate of…

Q: using the maximum ratios for a conventional mortgage, how big a monthly payment could one afford if…

A: Conventional Mortgage: It is  any sort of home buyer’s credit that isn't offered or secured  by a…

Q: Jeanne and Harold Kimura want to set up a TDA that will generate sufficient interest at maturity to…

A: Annuity is the series of the equal payments are received to be over the period of time depends on…

Q: Lenders often require home buyers to pay "points." A point is 1% of the purchase price of the home.…

A: Amount of mortgage loan "P" is $155,000 Time period is 15 years Option A Annual interest rate is…

Q: 2. I decided to buy a house for $289,900. I have enough in savings to put 10% down on the house and…

A:

Q: We charge $2,100 on a credit card with an annual interest rate of 18% and for which the minimum…

A: In the first scenario, interest rate is 18% and either $10 or 2.5% is paid as the minimum payment,…

Q: You can afford monthly payments of $700. If current mortgage rates are 2.82% for a 15-year fixed…

A: We will have to use and apply the concept of time value of money. The amount that you can afford to…

Q: house is for sale for $250,000. You have a with monthly payments: (1) if you make a do loan with a…

A: By taking into account the impacts of compounding interest, the Effective Annual Rate (EAR) is a…

Q: You can afford a $1400 per month mortgage payment. You've found a 30 year loan at 5.5% interest. a)…

A: Monthly payment (C) = $1400 Monthly interest rate (r) = 0.00458333333333333 (i.e. 0.055 / 12)…

Q: Suppose you take out a 30-year mortgage for a house that costs 5490, 236. Assume the following: The…

A: Here, Cost of House $         5,490,236.00Minimum Down Payment18%Annual Interest Rate3.60%Annual…

Q: Fou want to buy a $221,000 home. You plan to pay 15% as a down payment, and take OL he rest. a) How…

A: Down payment is the advance cash payment that is made out of pocket for the purchase of a home and…

Q: You buy a home for $182,251 and put $13,298 down. You borrow the remainder. The mortgage company…

A: The Annual Percentage Yield (APY) is a financial metric that quantifies the annualized rate of…

Q: '. If your gross income is OMR1,000 per month, what is the maximum amount that a lender will allow…

A: P = Monthly Loan amount = OMR1,000 * 28/36    = OMR777.7777778 = OMR777.78   n = 15*12     = 180…

Q: You want to buy a $182,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan…

A: A= 182,0000t= 30 yearsDown Payment = 20%

Q: The annual income of a borrower is $74,000.00. What is the maximum dollar amount he can borrow to…

A: Maximum amount to borrow = Remaining balance for monthly payments/ current mortgage rate

Q: You can afford a $1400 per month mortgage payment. You've found a 30 year loan at 7.9% interest.…

A: Present value of annuity.PV = A*wherePV = Present value of annuityA = periodic paymentsr = interest…

Q: You have $2,500 on a credit card that charges a 20% interest rate. If you want to pay off the credit…

A: The PMT tool is especially important for constructing loan amortization schedules, budgeting, and…

Q: Person A has a take home pay of 3980 and wishes to spend only 1/4 of this pay on a monthly house…

A: A written agreement through which a lender gets the right to take the property that is put as a…

Q: You want to buy a $234,000 home. You plan to pay 10% as a down payment, and take out a 30 year loan…

A: Mortgage refers to a covered loan that is borrowed for purchasing a property. The property itself…

Q: Harriet Marcus is concerned about the financing of a home. She saw a small cottage that sells for…

A: Here, To Find: Part E. Savings in interest for 25 years =? Part F. Interest difference for 30 years…

Q: A few years down the road you move out, buying your own home. You decide to take another look at…

A: The finance charge represents the total interest amount to be paid over the loan term. When a loan…

Q: Will they get the home loan? You have a gross annual income of $175,000 and have been pre-approved…

A: Back-End ratio shows proportion of monthly income used to pay off debt. Back End Ratio=Monthly Debt…

Q: A student can afford to spend no more 150 e per month on a loan to pay his college fees. If the…

A: Compound = monthly = 12 Payment = p = 150 Interest rate = r = 2 / 12% Time = t = 5 * 12 = 60

Q: A homeowner is looking to buy a home in Marvin Gardens. The most he can afford to pay in total is…

A: Borrowings are the liability that is used to finance the requirement of the funds. The borrower…

Q: (Q) You would like to purchase a home and are interested to find out how much you can borrow. When…

A: Present Value of Ordinary Annuity depicts the concept which dictates the present or today's value of…

Q: That calculated monthly expense should include all housing costs (such as insurance, property taxes,…

A: Using financial calculator, N (no. of compounding period) = 30*12 = 360 I/Y (rate per period) =…

Q: You wish to buy a house for $170,000. You want to put down a down payment first, then mortgage the…

A: A written agreement through which a lender gets the right to take the property that is put as a…

Q: A homeowner can obtain a $250,000, 30-year fixed-rate mortgage at a rate of 6.0 percent with zero…

A: In a points system, the borrower can pay 1% of the loan amount for 1 point and have a certain %…

Q: Your credit score is in the range of 720-739 and you want to buy a house in Davis (CA). You have 20%…

A: A sum borrowed to meet personal or business needs is recognized as a loan. The loan taken to…

Q: tently app your existing mortgage $129,350. your bank iS willing to loan up to 709 the appraised…

A: Equity in home is the value of that is available after paying of the mortgage on the loan and credit…

Q: 13) Some financial advisors recommend that your monthly mortgage payment be no higher than 28% of…

A: The loan formula is used to calculate the present value of a loan, which is the total amount of…