FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Assume monthly Principal and interest on a mortgage loan is 5635 ; monthly Tax and insurance payments is 5125 ; monthly student loan payment is

image text in transcribed
Assume monthly Principal and interest on a mortgage loan is 5635 ; monthly Tax and insurance payments is 5125 ; monthly student loan payment is $350; borrower gross monthly income is $2,500. Assuming that the maximum back-end ratio used in underwriting mortgage is 36%, what is the maximum loan amount this borrower can borrow? Assume the current interest is 79,30 -year loan. 561220.49 Bo3e60 72 360210.56

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals Of Multinational Finance

Fundamentals Of Multinational Finance

Authors: Michael Moffett

6th Global Edition

1292215216, 978-1292215211

More Books

Students also viewed these Finance questions

Question

★★★★★
Problem 50 suggests that if n is even, then the nth order Maclaurin polynomial for cos x is also the (n + 1)st order polynomial, so the error can be calculated using Rn+1. Use this result to find how...

Answered: 1 week ago

Question

★★★★★
C4.42 LO 4.6 4.7 Comprehensive job costing problem: manufacturer Brass Design Ltd manufactures brass musical instruments for use by high school students. The company uses a job costing system in...

Answered: 1 week ago

Question

★★★★★
discuss the Demand-Induced Strain Compensation Model, its key processes, its strengths and limitations, and the evidence supporting it;

Answered: 1 week ago

Question

★★★★★
Southwestern University (SWU), a large state college in Stephenville, Texas, enrolls close to 20,000 students. The school is a dominant force in the small city, with more students during fall and...

Answered: 1 week ago

Question

★★★★★
I need the last function for the following in Java: /** Array to store the start of each hash bucket list. */ private Item[] items; /** * Create a new HashMap with the given size. * * @param setSize...

Answered: 1 week ago

Question

★★★★★
AnI For each of these statements, place a T in the blank if the statement is true or an F if the statement is false. 1. If the owner of a coffee shop charges a price for cappuccino that is below the...

Answered: 1 week ago

Question

★★★★★
Apple is one of the most influential and recognizable brands in the world, responsible for the rise of the smartphone with the iPhone. Valued at over $2 trillion in 2021, it is also the most valuable...

Answered: 1 week ago

Question

★★★★★
Please help just need two-three paragraphs itll be very much appreciated and I will upvote! Identify any company or a segment of it (if its large) and perform research to determine/critique the...

Answered: 1 week ago

Question

★★★★★
Please Answer all Question question 1 and 2 An operations strategy life cycle for the current crisis While manufacturers globally continue to grapple with the economic contraction triggered by the...

Answered: 1 week ago

Question

★★★★★
Food trucks are popular and can be very profitable. Curious? Did you devise a business plan prior to starting the business? Yes or no, why do you believe having a business plan before you start a...

Answered: 1 week ago

Question

★★★★★
List out all the vertical and horizontalintegration by Ford . Which of them were organic? Which were the integrations that gave them competitive advantage?

Answered: 1 week ago

Question

★★★★★
Why is the point system superior to the other job evaluation systems? Discuss the advantages and disadvantages of the system.

Answered: 1 week ago

Question

★★★★★
Since variable pay gives employees feedback for good performance and relates pay to performance, why do most companies pay wages and salaries instead of variable pay?

Answered: 1 week ago

Question

★★★★★
Suppose that when you interview new employees, you ask them what they think is a fair wage or salary. If you hire them, you pay them that amount as long as it is reasonable and not below minimum wage...

Answered: 1 week ago

Previous Question Next Question