Calculate the housing expense ratio and the total obligation ratio (in %) for the following mortgage applications. (Round your answers to two decimal places.)ApplicantMonthlyGrossIncomeMonthlyPITIExpenseOther MonthlyFinancialObligationsHousingExpenseRatio (%)TotalObligationsRatio (%)Emerson$2,600$633$260

Given: The monthly gross income is $2,600. The monthly PITI expense is $633. The other monthly…

Answered: Calculate the housing expense ratio and…

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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Applicant	Monthly Gross Income	Monthly PITI Expense	Other Monthly Financial Obligations	Housing Expense Ratio (%)	Total Obligations Ratio (%)
Emerson	$2,600	$633	$260

Similar questions

Use PMT to determine the regular payment amount, rounded to the nearest cent. The cost of a home is financed with a $110,000 20-year fixed-rate mortgage at 4% a. The monthly payment is S. (Do not round until the final answer. Then round to the nearest cent as needed.)
Use the ordinary interest method to compute the time (in years) for the loan. Round your answer up to the next highest year when necessary. Principal Rate (%) Time Interest $25,000 8.7 years $10,875
The credit card with the transactions described on the right uses the average daily balance method to calculate interest. The monthly interest rate is 1.5% of the average daily balance. Calculate parts a-d using the statement on the right. Transaction Description Previous balance, $6230.00 October 1 Billing date October 5 Payment October 7 Charge: Visit to Doctor October 12 Charge: Groceries October 21 Charge: Car Repairs October 31 End of billing period Payment Due Date: November 9 Transaction Amount a. Find the average daily balance for the billing period. Round to the nearest cent. The average daily balance for the billing period is $ (Round to the nearest cent as needed.) c. Find the balance due on November 1. The balance due on November 1 is $. (Use the answer from part b to find this answer.) $400.00 credit $30.00 $70.00 $260.00 b. Find the interest to be paid on November 1, the next billing date. Round to the nearest cent. The interest to be paid on November 1 is $ (Use the…
Compare the monthly payments and total loan costs for the following pairs of loan options. Assume that both loans are fixed rate and have the same closing costs. You need a $190,000 loan. Option 1: a 30-year loan at an APR of 7.5%. Option 2: a 15-year loan at an APR of 7%. Find the monthly payment for each option. The monthly payment for option 1 is $ The monthly payment for option 2 is $ (Do not round until the final answer. Then round to the nearest cent as needed.) Find the total amount paid for each option. The total payment for option 1 is $ The total payment for option 2 is $ (Use the answers from the previous step to find this answer. Round to the nearest cent as needed.)
i just need correct answer.
Use the exact interest method (365 days) and the ordinary interest method (360 days) to compare the amount of interest for the following loan. Round your answers to the nearest cent. Principal Rate (%) Time (days) Exact Interest Ordinary Interest $7,140 11 28 $ $

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