Question
Time Value Of Money - Amortizing loans Question 1 The Cost of flat is $450,000 Funds available for down payment and closing cost (stamp duty,
Time Value Of Money - Amortizing loans
Question 1
The Cost of flat is $450,000
Funds available for down payment and closing cost (stamp duty, lawyers fee) is $80,000
Stamp duty is 3% of purchase price of flat
Annual salary is $48,000
Car loan monthly payment = $800
Total debt servicing ratio (TDSR) is 60% of income
The interest rate for 30 years fixed rate loan is at 3% pa
How much money will the bank lend you?
Can you afford to buy the flat?
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The Handbook Of The Political Economy Of Financial Crises
Authors: Martin H. Wolfson, Gerald A. Epstein
1st Edition
0199757232, 978-0199757237
