To find: If L qualifies for a home loan at National road bank.
Answer to Problem 29PPE
Yes, L qualifies for the home loan as she has sufficient amount left to pay monthly mortgage payment, after her all expenses.
Explanation of Solution
Given information:
L’s monthly expense is $975, monthly income of $2465 and a projected monthly mortgage payment of $684.
Formula/Concept used:
Monthly loan payment will be paid always from her saving only, after deducting all expenses from her salary.
Also, L`s total saving
Calculation:
Her total saving
As her monthly saving is enough to pay her monthly mortgage payment of $684 and still she will be remaining enough money for as her saving.
Conclusion:
Thus,it is cleared that she should surely qualify for the home loan to national bank as her saving is enough to pay her monthly mortgage payment.
Chapter 1 Solutions
High School Math 2011 Algebra 1(prentice Hall) Student Edition
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