Public relations specialists create and maintain a favorable public image for the organization theyrepresent. They design media releases to shape public perception of their organization and to increaseawareness of its work and goals. The median annual wage for public relations specialists was $55,680 inMay 2014.SOURCE: United States. Department of Labor. "Public Relations Specialist." Occupational OutlookHandbook. 17 Dec. 2015. Web. 8 March 2016.A public relations specialist earns $47,500 salary each year. He/she wants to spend no more than threetimes his/her salary on a house. What is the maximum price of a home that he/she can afford?If a 15% down payment is required, what is the amount financed?If he/she buys a home for the maximum he/she can afford, what is the monthly mortgage payment for a 25year fixed interest loan at 4% compounded monthly?

Here, Annual salary = $47,500 Down payment = 15% No. of years = 25 years Interest rate = 4%…

A public relations specialist earns $47,500 salary each year. He/she wants to spend no more than three times his/her salary on a house. What is the maximum price of a home that he/she can afford? If a 15% down payment is required, what is the amount financed? If he/she buys a home for the maximum he/she can afford, what is the monthly mortgage payment for a 25 year fixed interest loan at 4% compounded monthly?

A public relations specialist earns $47,500 salary each year. He/she wants to spend no more than three times his/her salary on a house. What is the maximum price of a home that he/she can afford? If a 15% down payment is required, what is the amount financed? If he/she buys a home for the maximum he/she can afford, what is the monthly mortgage payment for a 25 year fixed interest loan at 4% compounded monthly?

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Kimberly Jensen of Storm Lake, Iowa, wants to buy some living room furniture for her new apartment. A local store offered credit at an APR of 16 percent, with a maximum term of four years. The furniture she wishes to purchase costs $3,600, with no down payment required. 1. What are the total finance charges over that three-year period? Round your answer to the nearest dollar. 2. How would the payment change if she could afford a down payment of $600 with four years of financing? Round your answer to the nearest cent.
Your parents shop around and a different bank is willing to lend them a $750,000 30-year mortgage with payments of $4,865 per month. What is the implied APR of this loan?
Chuck Wells is planning to buy a Winnebago motor home. The listed price is $155,000. Chuck can get a secured add-on interest loan from his bank at 7.35% for as long as 60 months if he pays 15% down. Chuck's goal is to keep his payments below $3,600 per month and amortize the loan in 42 months. (a) Find Chuck's monthly payment (in $) with these conditions. (Round your answer to the nearest cent.)
Your annual income is $75,000 and you have $53,000 cash to cover down payment and closing cost of buying a house. You are looking at a house priced at $300,000 with monthly real estate tax and insurance cost amounting to $375. The lender will accept a down payment of 15% and the mortgage rate is 5%. The estimated closing cost is $6500. You have no other debt. Given the costs associated with the purchase of this house, mortgage rate, will you be able to take a 30-year mortgage to finance the purchase of this house with your income?
I need a detailed explanation on how to solve this problem: You want to buy a house for $245,000, on a 35-year, fixed rate mortgage. The bank offers you a 420 month, 5.4% APR mortgage. You can only afford to pay $850 per month. But you offer to pay off the remaining balance at the end of the loan in a single balloon payment. - How much will the balloon payment be for you to keep the monthly payment at $850?
Need the loan amount
Chuck Wells is planning to buy a Winnebago motor home. The listed price is $175,000. Chuck can get a secured add-on interest loan from his bank at 7.45% for as long as 60 months if he pays 15% down. Chuck's goal is to keep his payments below $4,100 per month and amortize the loan in 42 months. (a) Find Chuck's monthly payment (in $) with these conditions. (Round your answer to the nearest cent.) $ Can he pay off the loan and keep his payments under $4,100? Yes, under these conditions, Chuck will meet his goal.No, the monthly payment is too high. (b) What are Chuck's options to get his payments closer to his goal? (Select all that apply.) try to negotiate a higher interest ratetry to bargain for a lower sale pricetry to negotiate a lower interest ratemake a lower down paymenttry to bargain for a higher sale pricemake a higher down payment (c) Chuck spoke with his bank's loan officer, who has agreed to finance the deal with a 6.85% loan if Chuck can pay 20% down. What…
You need a 25-year, fixed-rate mortgage to buy a new home for $200,000. Your mortgage bank will lend you the money at a 6.6 percent APR for this 300-month loan. However, you can afford monthly payments of only $900, so you offer to pay off any remaining loan balance at the end of the loan in the form of a single balloon payment. Required: How large will this balloon payment have to be for you to keep your monthly payments at $900? A) 48,522.47 B) 341,563.19 C) 67,932.38 D) 366,212.08 E) 352,127.00 Only typing answer Please explain step by step without table and graph
A buyer earns $48,000 salary per year. In order to qualify for an 85 percent loan, his monthly PITI payment cannot be more than 28 percent of his monthly salary. The annual taxes and insurance will be $2,352.60. If the monthly principal and interest payment is $6.00 per $1,000 of loan amount, what is the most sales price he can afford?
You need a 25-year, fixed-rate mortgage to buy a new home for $240,000. Your mortgage bank will lend you the money at an APR of 5.35 percent for this 300-month loan. However, you can afford monthly payments of only $800, so you offer to pay off any remaining loan balance at the end of the loan in the form of a single balloon payment. How large will this balloon payment have to be for you to keep your monthly payments at $800? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Balloon payment
A homeowner is looking to buy a home in Marvin Gardens. The most he can afford to pay in total is $3,080 per month. Yearly property taxes will be about $12,000 (escrowed monthly) and insurance is $187 per month. There are no other costs. If mortgage rates are 5.48% for a 30-year fixed-rate mortgage, how large can his mortgage be? (Do not round intermediate calculations. Round your answer to the nearest whole number.)
You need a 20-year, fixed-rate mortgage to buy a new home for $320,000. Your mortgage bank will lend you the money at a 6.9 percent APR for this 240-month loan. However, you can afford monthly payments of only $2,700, so you offer to pay off any remaining loan balance at the end of the loan in the form of a single balloon payment. How large will this balloon payment have to be for you to keep your monthly payments at $1,200? O $178,691 $300,333 $116,636 $122,597 O $100,748

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