CSecure https//wildcat.cookman.edu/ICS/Academics/MAT/MAT 131/2017 20-MAT 131-B/C

Question

CSecure https//wildcat.cookman.edu/ICS/Academics/MAT/MAT 131/2017 20-MAT 131-B/Coursework.jnz?portlet Co mework 4.5 mework in Module 4 Personal Finance Time Remaining: Scored out of: 60 Points Length: Time limit: No time limit | ?ExitthísHomework 12 questions Not TimedSave Progress Last Saved: 8:20 PM Monthly Principal and Interest Payment per $1000 of Mortgage 15 10 95607 908 5 545984 74211 $4260 888997.14883 590 500634 444 40 0 12451 7.9688 60 5.27837 47741 822 1030584857 716431 644301 .9955 65 11.35480 8 713077.45578 75307630 70 116085 8968287.75299 7 06779 665 13276 955626407.78167. 2 39857 9.8470 867823 806227.89 2.66758 14267 99726 39196 8062 The Govonis' monthly income is $8500. They have 15 remaining payments of $253 on a new car and 17 payments of 568 remaining on their living room furniture. The tasxes and insurance on the house are $145 per month. The Govonis want a 25-yea, $245,000 mortgage Do they qualiy for this mortgage with a 10% interest rate? Yes No Search the web and Windows

Explanation / Answer

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

Gross monthly income = $8500

Monthly car payment = $253

Monthly living room furniture payment = $68

Tax and insurance on House = $145

Now, payment per month on house if amount taken is 1000, for 25 years with 10% rate = $9.08701

So, for $245000 - it would be - 245*9.08701 = $ 2226.31745

So, considering all other monthly payment ( $466) - he still has amount from gross salary left($8034) for house payment. So, he qualifies for mortgage with 10% rate.

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---