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This is one question for number 5 but it's split into parts Chapter 18 - Packet Part 2: Loan Eligibility - Show your work Britney
This is one question for number 5 but it's split into parts
Chapter 18 - Packet Part 2: Loan Eligibility - Show your work Britney and Barney Berceau are seeking a mortgage loan to buy their first home. Barney earns $2,800 per month as a chef. Britney's salary as a payroll accountant is $41,520 per year. Their lender's policy is to limit the monthly principal and interest payment to 28% of the borrower's gross pay. What is the maximum monthly P&I payment amount for which Britney and Barney can qualify? Round to whole dollars. Show work here: 41,520 / 12 = 3,460 E1 here to search o e O 7 Clipboard 1129 DEGHI 41,520 / 12 = 3,460 Part 3: Loan Eligibilty -- Show your work Pauline Pasteur is looking at a house that is priced at $178,000. She plans on making a $30,000 down payment and feels that her absolute maximum monthly payment for principal and interest is $1,200. Ms. Pasteur seeks a 15-year mortgage which she has seen advertised at 6.25%. Based on her stated limit, can she afford this house? 361 363 1st Part: 2nd Part: N= Show work here: i/y= PV= PMT= FV= Answer: 368 369 370 371 Part 4: Monthly Payment - Show your work Sheet1 O Type here to search O e O BIU - A E Merge & Center - $ % 48 Conditional Format as Cell Formatting Table Styles oboard Font Alignment Number Styles A B C D E F G H I 370 371 Part 4: Monthly Payment -- Show your work 372 373 Berdine and Beau Bourgeois have found a house they want to buy. They will need to borrow $169,000 and are now shopping around for a loan. Beau found a 30-year loan at 6.75%, but thinks he can do better. By how much would their monthly payment drop if they could find a loan at a rate that is one half percentage point lower? 374 375 376 377 378 1st Part: 2nd Part: N= N= 379 i/y= i/y= 380 PV= PV- 87 PMT= PMT= 82 FV= FV= Page 9 of 13 Sheet1 Type here to search o El e = a = 0 & TaStep by Step Solution
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