Use the following advice from most financial advisors to solve ...

[asmith134]

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

[kilada]

A FREE account is required to view all solutions! Click to Register

Login with Facebook Login with Google Login with Email

Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.

Answer Preview

Only 32% of students answer this correctly

[asmith134]

TYSM

[dantucker]

Thanks for the timely response, appreciate it