Question
I am very confused, please help with the following! 10. What is the maximum loan amount the bank will lend you if your gross monthly
I am very confused, please help with the following!
10. What is the maximum loan amount the bank will lend you if your gross monthly income is $6000, you have $400 in monthly long-term obligations, and you can make a down payment of 15% of the home price given the following lenders loan parameters?
Interest Rate: 6.5%
Loan type: 30 years
Housing Expense Ratio: 28%
Total Debt Ratio: 41%
$246,808.88
$265,794.18
$279,781.82
$290,363.39
None of the above
12. How much interest will you pay during the 14th year of a $350,000 house price, 30 year, 6.5% monthly compounded, 80 LTV loan?
$7755.94
$8379.86
$13,968.37
$14,627.41
None of the above
13. How much principal will you pay with the 76th payment of the loan?
$245.11
$379.57
$1119.24
$1390.22
None of the above
14. What is the balance at the end of year 12?
$162,405.56
$184,346.44
$212,621.26
$225,003.69
None of the above
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