Ñ3 Question 1You are ready to buy a house and you have $15,000 for a down payment and closing costs.Closing costs are estimated to be 4% of the loan value.You have an annual salary of $48,000.The bank is willing to allow your monthly mortgage payment to be equal to 30% of your monthly income.The interest rate on the loan is 4.0% per year with monthly compounding for a 30-year fixed rate loan.Provide answers in whole dollars, no decimals, no dollar sign, e.g., 120514.A) How much money will the bank loan you?B) How much can you offer for the house?Question 2Suppose you want to borrow $30,000 for a new car.You can borrow at 5% per year, compounded monthly.If you take a 4 year loan, what is your monthly payment?Since the monthly payment is an outflow, enter your answer as a negative number, rounded to two decimals, no dollar sign,e.g. 217.34.

"Hi, Thanks for the Question, Since you asked multiple question, we can provide solution of first…

Answered: You are ready to buy a house and you…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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