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Do the Math -1 O lof Check My Work (2 remaining) Do the Math Buy Versus Lease Amanda Forsythe of Springfield, Missouri, must decide whether to buy or lease a car she has selected. She has negotiated purchase price (gross Capitalized cost of $30,000 and could borrow the money to buy from her credit union by putting $2.500 down and paying $565.84 per month for 3 months at percent AR A matively, she could lease the car for 48 months at 5500 per month by paying a $2.500 capire cost reduction and $350 to the car which projected to have residual value of $12,700 at the end of the lease. Use the Run the Numbers worksheet te ndese Amanda about whether she should finance or lease the car. Round your answers to the nearest cent Finance charges borrowing the cars 1860.0 The dollar cost of leasing: 5 Amanda should lease the car DELL lik BN M a Search tt Do the Math 9-2 Question 1 of 4 Check My Work (2 remaining) eBook Do the Math 9-2 Mortgage Affordability Seth and Alexandra Moore of Elk Grove Village, Illinois have an annual income of $110,000 and want to buy a home. Currently, mortgage rates are 5.0 percent. The Moores want to take out a mortgage for 30 years. Real estate taxes are estimated to be $5,040 per year for homes similar to what they would like to buy, and homeowner's insurance would be about $1,620 per year. a. Using a 28 percent front-end ratio, what are the total annual and monthly expenditures for which they would qualify? Round your answers to the nearest dollar. Total annual expenditures $ Monthly expenditures b. Using a 36 percent back-end ratio, what monthly mortgage payment (including taxes and insurance could they afford given that they have an automobile loan payment of $480, a student loan payment of $360, and credit card payments of $2707 (Hint: Subtract these amounts from the total monthly affordable payments for their income to determine the amount left over to spend on a mortgage.) Round your answer to the nearest dollar. c. Using a 36 percent back-end ratio, if the Moores had zero debt, what monthly mortgage payment (including taxes and insurance) could they afford? Round your answer to the nearest dollar Check My Work (a remaining) o toon ko Do the Math -1 O lof Check My Work (2 remaining) Do the Math Buy Versus Lease Amanda Forsythe of Springfield, Missouri, must decide whether to buy or lease a car she has selected. She has negotiated purchase price (gross Capitalized cost of $30,000 and could borrow the money to buy from her credit union by putting $2.500 down and paying $565.84 per month for 3 months at percent AR A matively, she could lease the car for 48 months at 5500 per month by paying a $2.500 capire cost reduction and $350 to the car which projected to have residual value of $12,700 at the end of the lease. Use the Run the Numbers worksheet te ndese Amanda about whether she should finance or lease the car. Round your answers to the nearest cent Finance charges borrowing the cars 1860.0 The dollar cost of leasing: 5 Amanda should lease the car DELL lik BN M a Search tt Do the Math 9-2 Question 1 of 4 Check My Work (2 remaining) eBook Do the Math 9-2 Mortgage Affordability Seth and Alexandra Moore of Elk Grove Village, Illinois have an annual income of $110,000 and want to buy a home. Currently, mortgage rates are 5.0 percent. The Moores want to take out a mortgage for 30 years. Real estate taxes are estimated to be $5,040 per year for homes similar to what they would like to buy, and homeowner's insurance would be about $1,620 per year. a. Using a 28 percent front-end ratio, what are the total annual and monthly expenditures for which they would qualify? Round your answers to the nearest dollar. Total annual expenditures $ Monthly expenditures b. Using a 36 percent back-end ratio, what monthly mortgage payment (including taxes and insurance could they afford given that they have an automobile loan payment of $480, a student loan payment of $360, and credit card payments of $2707 (Hint: Subtract these amounts from the total monthly affordable payments for their income to determine the amount left over to spend on a mortgage.) Round your answer to the nearest dollar. c. Using a 36 percent back-end ratio, if the Moores had zero debt, what monthly mortgage payment (including taxes and insurance) could they afford? Round your answer to the nearest dollar Check My Work (a remaining) o toon ko
