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Araceli gets right to paying off those credit cards by paying as much as she can eveny Because she is disciplined, the cards are paid off much sooner than if she had made only th minimum payment. Araceli carns $60.000 per year. Now that she has paid ofT her credit card debs hnte 1. Trady to buy a house. Araceli has a $200 car payment, no student loans $300 in c insurance every 6 months and she estimates that her monthly utility bills will be sSLS0 house, IC her bank requires no more thana 36% debt to income ratio, what would b maximum monthly mortgage payment be? Is this enough to borrow $150.000 at 3.6% for 30 years? Explain your reasoning, use the monthly payment formula.) %23 Is it enouugh to borrow the money at the current 30-year fixed mortgage rate? (Look up the rate and calculate the payment.) 2. In light of what you have learned today, how do you plan to use your credit effectively so that you have a "good' credit score when you want to make a major purchase (such as a house ora car)? Araceli gets right to paying off those credit cards by paying as much as she can eveny Because she is disciplined, the cards are paid off much sooner than if she had made only th minimum payment. Araceli carns $60.000 per year. Now that she has paid ofT her credit card debs hnte 1. Trady to buy a house. Araceli has a $200 car payment, no student loans $300 in c insurance every 6 months and she estimates that her monthly utility bills will be sSLS0 house, IC her bank requires no more thana 36% debt to income ratio, what would b maximum monthly mortgage payment be? Is this enough to borrow $150.000 at 3.6% for 30 years? Explain your reasoning, use the monthly payment formula.) %23 Is it enouugh to borrow the money at the current 30-year fixed mortgage rate? (Look up the rate and calculate the payment.) 2. In light of what you have learned today, how do you plan to use your credit effectively so that you have a "good' credit score when you want to make a major purchase (such as a house ora car)?
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Answer rating: 100% (QA)
Answer 1 If her bank requires no more than a 36 debt to income ratio her maximum monthly mortgage payment would be 1400 per month Her monthly income is 5000 and monthly expenses are 400 2001503006 As ... View the full answer
Related Book For
Essentials of Statistics for Business and Economics
ISBN: 978-1305081598
7th edition
Authors: David Anderson, Thomas Williams, Dennis Sweeney, Jeffrey Cam
Posted Date:
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