Question
Raina wants to buy a condo, lease a car and pay off her credit card since she started her new job. Raina's annual salary is
Raina wants to buy a condo, lease a car and pay off her credit card since she started her new job.
Raina's annual salary is $72,000 a year. She is leasing a car for 530.46$ after taxes (this is needed later).
A) Her most recent credit card showed a balance of $2750. Her credit card charges 22% compounded daily. Raina's credit card requires a minimum payment of 3% of the balance. She sets her mind to pay this same amount each month until she gets to zero, how long will this take?
B) If Raina wishes to satisfy a maximum 40% TDS ratio, what is the most she could pay per month towards a condo mortgage, considering her annual salary is $72,000. Assume her condo fees (1/2), municipal taxes and heating amount to $600 per month and factor in her payment on her credit card and car lease.
C) At a rate of 3%, compounded semi-annual, how much mortgage could Raina afford if she takes a 25 year amortization with monthly payments?
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