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PLEASE SHOW CALCULATION PROCESS 1. Your brother, a banker, has just approved a loan for you, an add-on interest loan. You will borrow $2,000 for

PLEASE SHOW CALCULATION PROCESS

1. Your brother, a banker, has just approved a loan for you, an add-on interest loan. You will borrow $2,000 for one year with a 12% annual interest rate. What is your monthly payment?

2. Sharry is interested in buying her first home. Currently her monthly gross income is $3,000. From this she makes a car payment of $240, a personal loan payment of $300 and a student loan payment of $85. Based on this information would a bank approve Sharry for a mortgage? Support your answer by using Debt ratio calculation.

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