Question
Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation. Monthly gross income: $2,950. Down
Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation. Monthly gross income: $2,950. Down payment to be made: 15%. Other debt (monthly amount): $160. Monthly estimate for property taxes and insurance: $210. 30 year loan at 7% interest. Refer to Exhibit 9-9 as needed
A) Affordable monthly mortgage payment: $751. Affordable mortgage amount $102,316. Affordable Home purchase price $120,372.
B) Affordable monthly mortgage payment: $751. Affordable mortgage amount $112,932. Affordable Home purchase price $132,862.
C) Affordable monthly mortgage payment: $675. Affordable mortgage amount $101,504. Affordable Home purchase price $119,416.
D) Affordable monthly mortgage payment: $675. Affordable mortgage amount $91,962. Affordable Home purchase price $108,190.
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Financial Management For Public Health And Not-for-Profit Organizations
Authors: Steven A. Finkler, Daniel L. Smith, Thad D. Calabrese, Robert M. Purtell
7th Edition
1071835335, 978-1071835333
