Top Posters
Since Sunday
5
o
5
4
m
4
b
4
x
4
a
4
l
4
t
4
S
4
m
3
s
3
New Topic  
jaspinder kaur jaspinder kaur
wrote...
Posts: 509
4 years ago

Question 1.

The cost of a home is financed with a $260,000, 30-year fixed-rate mortgage at 7%. The buyer will make 360 payments of $1729.00. Prepare a loan amortization schedule for the first three months of the mortgage. Round to the nearest cent.
















Question 2.

Use the following advice from most financial advisors to solve the problem.
∙ Spend no more than 28% of your gross monthly income for your mortgage payment.
∙ Spend no more than 36% of your gross monthly income for your total monthly debt.
Round all calculations to the nearest dollar, if necessary.

Suppose that your gross annual income is $96,000.
(a) What is the maximum amount you should spend each month on a mortgage payment?
(b) What is the maximum amount you should spend each month for total credit obligations?
(c) If your monthly mortgage payment is 65% of the maximum amount you can afford, what is the maximum amount you should spend each month for all other debt?

▸ (a) $2240; (b) $2880; (c) $1424

▸ (a) $26,880; (b) $34,560; (c) $17,088

▸ (a) $2240; (b) $2880; (c) $1456

▸ (a) $2240; (b) $2880; (c) $368
Textbook 
Thinking Mathematically

Thinking Mathematically


Edition: 6th
Author:
Read 423 times
3 Replies
Replies
Answer verified by a subject expert
Jacobian S.Jacobian S.
wrote...
Posts: 388
4 years ago
Sign in or Sign up in seconds to unlock everything for free
More solutions for this book are available here
1

Related Topics

wrote...
3 years ago
thanks
wrote...
3 years ago
Thank you!
New Topic      
Explore
Post your homework questions and get free online help from our incredible volunteers
  949 People Browsing
Related Images
  
 130
  
 294
  
 258
Your Opinion
Which industry do you think artificial intelligence (AI) will impact the most?
Votes: 308