Will they get the home loan? You have a gross annual income of $175,000 and have been pre-approved for a 30-year mortgage loan at 3.375% as long as the back-end ratio does not exceed 36%. The house you want to buy costs $560,000, and you plan to make a down payment of 20%. Your monthly payment would be $1980.59. Your research shows that the semi-annual property taxes for this house are $3,450. You have been given a quote from your insurance company of a $1,290 annual premium. You currently have a $579 monthly car payment and your monthly credit card bills average $2,000.

Will they get the home loan? You have a gross annual income of $175,000 and have been pre-approved for a 30-year mortgage loan at 3.375% as long as the back-end ratio does not exceed 36%. The house you want to buy costs $560,000, and you plan to make a down payment of 20%. Your monthly payment would be $1980.59. Your research shows that the semi-annual property taxes for this house are $3,450. You have been given a quote from your insurance company of a $1,290 annual premium. You currently have a $579 monthly car payment and your monthly credit card bills average $2,000.

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 15P

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