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Down payment and mortgage loan? Help please! Arthur Thas applied to his bank for a 20 year mortgage loan, with payback on a monthly basis.
Down payment and mortgage loan? Help please!
Arthur Thas applied to his bank for a 20 year mortgage loan, with payback on a monthly basis. The bank has advised him that it will lend him money based on 28% of his monthly income; he recently reported an annual income of $60,000. The bank also indicated an APR of 4.25%. The bank will be prepared to lend Arthur $ ANSWER WITH COMMAS AND TWO DECIMAL PLACES Assuming no closing costs and Arthur's down payment of $33,000, Arthur can afford to buy a home priced at $ ANSWER WITH COMMAS AND TWO DECIMAL PLACESStep by Step Solution
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