26 A borrower earns $8,000 in monthly grossincome, has a $900 principal and interestconventional mortgage payment, a property taxescrow payment of $80 per month, a minimummonthly credit card payment of $200 and anauto loan Installment of $300. Furthermore, theborrower contributed $200 to charity and paldan advance of $500 to a furniture vendor. Whatis the borrower's debt-to-income ratio?A) 12.25%B) 16.00%C) 17.25%D) 18.50%

Answered: Image /qna-images/answer/cdab2c2e-fb24-4c63-ba2b-cbd2009e0eb7.jpg

Answered: 26 A borrower earns $8,000 in monthly…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Someone needs to borrow $15,000 to buy a car and the person has determined that monthly payments of $300 are affordable. The bank offers a 3-year loan at 6% APR, a 4-year loan at 6.5%, or a 5-year loan at 7% APR. Which loan best meets the person's needs? Explain. Which loan best meets the person's needs? (Round to the nearest cent as needed.) A. The first loan best meets the person's needs because the monthly payment of $ is less than the maximum budgeted amount of $300 per month. OB. The second loan best meets the person's needs because the monthly payment of $ maximum budgeted amount of $300 per month. C. The third loan best meets the person's needs because the monthly payment of $ budgeted amount of $300 per month. O D. None of the loans meet the person's needs. is less than the is less than the maximum
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2. Jason's gross monthly income is $3800 a month and he pays monthly expenses of $670 for his mortgage payment, $105 for heating, and $187 in property taxes. a) Determine Jason's Gross Debt Service Ratio (GDSR) if he decides to make monthly mortgage payments of $900 instead of $670. b) Based on the GDSR can Jason afford to make these payments? Justify your answer. Make sure you have saved your work for each question and submit your file when you are ready. Save it as "M1LE4 assign_username.docx"
1.7: answers
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