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please answer Asap Five years have passed and Jamie Lee, 34, is considering taking the plunge--not only is she engaged to be married, but she
please answer Asap
Five years have passed and Jamie Lee, 34, is considering taking the plunge--not only is she engaged to be married, but she is also deciding on whether to purchase a new home. Jamie Lee's cupcake caf is a success! It has been open for over a year now and has earned itself rave reviews in the local press and from its regular customers who just cannot get enough of her delicious varieties of cupcakes. One such customer, who stopped by on a whim in the caf's first week of business, is Ross. After a whirlwind courtship, Ross, a self-employed web designer, proposed, and Jamie Lee agreed to be his wife, The bungalow that Jamie Lee has been renting for the past five years is too small for the soon-to-be newlyweds, so Jamie Lee and Ross have purchased a brand new three-bedroom, 2 y bath home in a quiet neighborhood for $278,000. Use the provided information and the table below to calculate the affordable mortgage amount that would be suggested by a lending institution based on Jamie Lee and Ross's income. You will need to make note of the purchase price (above) of their home for future questions. Use the following for Jamie Lee and Ross's calculations: 10% down payment $750 per month for estimated combined property taxes and insurance 4% interest rate for 30 years Refer to Exhibit 7-7 for current mortgage rates Current Financial Situation $50,000 Aneta (Jamie Lee and Rose combined) Checking account Savings account Emergency fund savings account TRA balance $35,000 Income $4,800 Gross income (onie Lee) $55,700 Net income after takes (Jamie Lee) $19,600 Gross income (Ross $24,500 Net income after taxes (Rou) Monthly Expenses $12,500 (Combined) $20,500 Utilities $75.000 563.750 Car Jamie Lee) car (Rou) Liabilities Combined)! Student loan balance Credit card balance Car loans Food SO Cas/Maintenance SO Credit card payment 56,500 car loan payment Entertainment 5125 $350 $300 SO $294 $325 Five years have passed and Jamie Lee, 34, is considering taking the plunge--not only is she engaged to be married, but she is also deciding on whether to purchase a new home. Jamie Lee's cupcake caf is a success! It has been open for over a year now and has earned itself rave reviews in the local press and from its regular customers who just cannot get enough of her delicious varieties of cupcakes. One such customer, who stopped by on a whim in the caf's first week of business, is Ross. After a whirlwind courtship, Ross, a self-employed web designer, proposed, and Jamie Lee agreed to be his wife, The bungalow that Jamie Lee has been renting for the past five years is too small for the soon-to-be newlyweds, so Jamie Lee and Ross have purchased a brand new three-bedroom, 2 y bath home in a quiet neighborhood for $278,000. Use the provided information and the table below to calculate the affordable mortgage amount that would be suggested by a lending institution based on Jamie Lee and Ross's income. You will need to make note of the purchase price (above) of their home for future questions. Use the following for Jamie Lee and Ross's calculations: 10% down payment $750 per month for estimated combined property taxes and insurance 4% interest rate for 30 years Refer to Exhibit 7-7 for current mortgage rates Current Financial Situation $50,000 Aneta (Jamie Lee and Rose combined) Checking account Savings account Emergency fund savings account TRA balance $35,000 Income $4,800 Gross income (onie Lee) $55,700 Net income after takes (Jamie Lee) $19,600 Gross income (Ross $24,500 Net income after taxes (Rou) Monthly Expenses $12,500 (Combined) $20,500 Utilities $75.000 563.750 Car Jamie Lee) car (Rou) Liabilities Combined)! Student loan balance Credit card balance Car loans Food SO Cas/Maintenance SO Credit card payment 56,500 car loan payment Entertainment 5125 $350 $300 SO $294 $325 Step by Step Solution
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