Coursework. Take Test ecSecure htps/wildcat.cookman.edu/ICS/Academics/MA Homewor

Question

Coursework. Take Test ecSecure htps/wildcat.cookman.edu/ICS/Academics/MA Homework 4.5 Homework in Module 4 Personal Finance No time limit 12 questions 60 Points /MAT 131/2017,20-MAT_ 131-B/Coursework.jnz?portlet Cours Time limit: Length: Scored out of Exit this Homework Time Remaining Not Timed Save Progress Last Saved: 8:03 PM 9 454079582 $3 54 $47421 $4 2 604 40 10.12451 7 3688 6080 527837 4415 50 10 6065579079466 5.84590822 16431 6445.9955 63 1135480.871107 745573 6MM, 6tina 5 129 00 210 177500117 101218 811 95232 Thomas Williaas' gross monthly income is $3500. He has 14 remaining payments of $266 on a new car The taxes and insurance on the house are $100 per month Thomas wants a 2s-yoa $138,000 mortgage Does he qualify for this mortgage with a 5% interest rate? Yes O No 3) Solve the problem using the table Search the web and Windows

Explanation / Answer

Yes, they qualify for mortgage laon. Below is the detail

Gross monthly income = $3500

Monthly car payment = $266

Tax and insurance on House = $100

Now, payment per month on house if amount taken is 1000, for 25 years with 5% rate = $5.84790

So, for $138000 - it would be - 138*5.84790 = $ 807.0102

So, considering all other monthly payment ( $366) - he still has amount from gross salary left($3134) for house payment. So, he qualifies for mortgage with 5% rate.

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---