'. If your gross income is OMR1,000 per month, what is the maximum amount that a lender will allow for housing using the 28/36 debt-to-income ratio? what is the amount of housing loan you can get for repayment in15 years? Interest rate is 6%

'. If your gross income is OMR1,000 per month, what is the maximum amount that a lender will allow for housing using the 28/36 debt-to-income ratio? what is the amount of housing loan you can get for repayment in15 years? Interest rate is 6%

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Amortized Loans

The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.

Question

'. If your gross income is OMR1,000 per
month, what is the maximum amount that a lender will allow
for housing using the 28/36 debt-to-income ratio? what is the
amount of housing loan you can get for repayment in15 years?
Interest rate is 6%

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