Can Rina and Musashi afford this home using the monthly income loan criterion? Next week, your friends Rina and Musashi want to apply to the Fifth State Bank for a mortgage loan. They are considering the purchase of a home that is expected to cost $155,000. Given your knowledge of personal finance, they've asked for your help in completing the Home Affordability Worksheet that follows. To assist in the preparation of the worksheet, Rina and Musashi also collected the following information: - Their financial records report a combined gross before-tax annual income of $85,000 and current (premortgage) installment loan, credit card, and car loan debt of $1,240 per month. - Their property taxes and homeowner's insurance policy are expected to cost $1,550 per year. - Their best estimate of the interest rate on their mortgage is 7.5%, and they are interested in obtaining a 15 -year loan. - They have accumulated savings of \$38,500 that can be used to satisfy the home's down payment and closihg costs. - The lender requires a minimum 20% down payment, and an affordability ratio that ranges from a minimum of 25%6 to a maximum of 30% Use either your financlal calculator or the maximum affordable mortgage loan formula to complete the following home affordablikt worksheet. (Note: When completing the form, round each dollar amount to the nearest whole dollar. Unless labeled differently, all of the following values represent doillar amounts. Also, some values calculated or used in the upper section of the tabie may aiso be used in the lower section.) Given these results, which statement regarding Rina and Musashis mortgoge qualification process and the purchase of their $155,000 target home is trye? Rina and Musashi qualify to purchase their $155,000 target home according to the Monthly Inccme Affordability Worksheet criterion. Rine and Musashi do not qualy to purchase their $155,000 target home according to the Monthly Inceme Affordabality Worksheet criterion. Given these results, which statement regarding Rosa and Nick's mortgage qualification process and the purchase of their $215,000 target home is true? Rosa and Nick do not qualify to purchase their $215,000 target home according to the Installment Debt Affordability Worksheet criterion. Rosa and Nick qualify to purchase their $215,000 target home according to the Instaliment Debt Affordability Worksheet criterion Can Rina and Musashi afford this home using the monthly income loan criterion? Next week, your friends Rina and Musashi want to apply to the Fifth State Bank for a mortgage loan. They are considering the purchase of a home that is expected to cost $155,000. Given your knowledge of personal finance, they've asked for your help in completing the Home Affordability Worksheet that follows. To assist in the preparation of the worksheet, Rina and Musashi also collected the following information: - Their financial records report a combined gross before-tax annual income of $85,000 and current (premortgage) installment loan, credit card, and car loan debt of $1,240 per month. - Their property taxes and homeowner's insurance policy are expected to cost $1,550 per year. - Their best estimate of the interest rate on their mortgage is 7.5%, and they are interested in obtaining a 15 -year loan. - They have accumulated savings of \$38,500 that can be used to satisfy the home's down payment and closihg costs. - The lender requires a minimum 20% down payment, and an affordability ratio that ranges from a minimum of 25%6 to a maximum of 30% Use either your financlal calculator or the maximum affordable mortgage loan formula to complete the following home affordablikt worksheet. (Note: When completing the form, round each dollar amount to the nearest whole dollar. Unless labeled differently, all of the following values represent doillar amounts. Also, some values calculated or used in the upper section of the tabie may aiso be used in the lower section.) Given these results, which statement regarding Rina and Musashis mortgoge qualification process and the purchase of their $155,000 target home is trye? Rina and Musashi qualify to purchase their $155,000 target home according to the Monthly Inccme Affordability Worksheet criterion. Rine and Musashi do not qualy to purchase their $155,000 target home according to the Monthly Inceme Affordabality Worksheet criterion. Given these results, which statement regarding Rosa and Nick's mortgage qualification process and the purchase of their $215,000 target home is true? Rosa and Nick do not qualify to purchase their $215,000 target home according to the Installment Debt Affordability Worksheet criterion. Rosa and Nick qualify to purchase their $215,000 target home according to the Instaliment Debt Affordability Worksheet criterion
