Stephanie has a monthly insome of $12.000 but no siningo. 97e wants to buy a home but is unstie to find ary lender who will finarke her loin with fro. Stephanle ageres to pay 50000 a month for the first 5 ye ars, but does not wilh to pay more thus 4 . 5497.127 1677127 5690208 $510.208 Stephanie has a monthly income of $12,000 but no savings. She wants to buy a home but is unable to find any lender who will finance her loan with ro. downpayment. However, she has the following deal from Getrichquik Bank that is the closest she can get to owming her own home currently. The bark offers Stephanie a 35 -year mortgage, where for the first 5 years, she will monthly payments of 56,000 the bank. Fach month, 53000 out of this payment is crocited toan escrow account (earning no interest). in place of a downpayment. At the end of the 5 th year, the bank will transfer the title to 5 tephanie by using the balance from this escrow accoumt as the downpayment. From this point orwards Stephanie will continue making monthly payments over the remaining life of the loan (just like a standard mortgage) at an annesal interest rate of me Stephanie agrees to pay 56000 a month for the first 5 years. but does not wish to pay more than 54000 a month for the remainini 30 yeara. Under these terms, what is the maximum value of the house that 5 tephanie can buy? (Assume that the value of the house remaifs the sarme Grer the first 5 ye am). $997,127 $677,127 $690,208 $510,200 Stephanie has a monthly insome of $12.000 but no siningo. 97e wants to buy a home but is unstie to find ary lender who will finarke her loin with fro. Stephanle ageres to pay 50000 a month for the first 5 ye ars, but does not wilh to pay more thus 4 . 5497.127 1677127 5690208 $510.208 Stephanie has a monthly income of $12,000 but no savings. She wants to buy a home but is unable to find any lender who will finance her loan with ro. downpayment. However, she has the following deal from Getrichquik Bank that is the closest she can get to owming her own home currently. The bark offers Stephanie a 35 -year mortgage, where for the first 5 years, she will monthly payments of 56,000 the bank. Fach month, 53000 out of this payment is crocited toan escrow account (earning no interest). in place of a downpayment. At the end of the 5 th year, the bank will transfer the title to 5 tephanie by using the balance from this escrow accoumt as the downpayment. From this point orwards Stephanie will continue making monthly payments over the remaining life of the loan (just like a standard mortgage) at an annesal interest rate of me Stephanie agrees to pay 56000 a month for the first 5 years. but does not wish to pay more than 54000 a month for the remainini 30 yeara. Under these terms, what is the maximum value of the house that 5 tephanie can buy? (Assume that the value of the house remaifs the sarme Grer the first 5 ye am). $997,127 $677,127 $690,208 $510,200
