Chris can afford to pay $2,250 per month for a mortgage to buy a home. The bank will charge him 6.75% for a 30 year loan. How much can Chris borrow to buy a home? Multiple Choice $28,636 $2,613,298 $346,902 $810,000

Q: Your grandmother is gifting you GH¢ 100 a month for four years while you attend University to earn…

A: Monthly Deposit(P) = 100 Discount Rate(r) = 5.5%/12 =0.458333% = 0.004583% Years =4 Terms(n) = 4*12…

Q: A young couple buying their first home borrow $90,000 for 30 years at 7.5%, compounded monthly, and…

A: MS-Excel --> Formulas --> Financials --> FV Therefore, the remaining balance in the last…

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A: Since you have asked multiple question, we will solve the first question for you. If you want any…

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Q: Maria purchases a new big screen television for $850 on her VISA card that carries a favorable…

A: Formulas:

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A: The rate of interest charged by the cousin is calculated using the following equationWhere, FV is…

Q: Bob can afford car payments of $365 per month for 4 years. If the interest rate is 4.9 percent, how…

A: Amount he can afford to borrow is present value of monthly payments

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A: Total amount she repays at the end is calculated using following equation Total amount = P×1+rt…

Q: Todd can afford to pay $360 per month for the next 7 years in order to purchase a new car. The…

A: Formula to calculate amount afford to pay for a new car today: Value today (Present value) = Monthly…

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A: She will have to repay principal and interest on loan as well as property tax payment on monthly…

Q: Jonathan wishes to buy a used chevy malibu for $12,500. He only has $1,000 for a down payment so th…

A: a) Value of chevy malibu = $12,500 Down payment =$1,000 Loan Amount =$12,500 -$1,000 Loan amount…

Q: Cam is entering high school and is determined to save money for college. Cam feels he can save…

A: Put simply, the total amount of a sequence related to cash flows at a future date that is…

Q: Jorge is buying a new car for $24,750. Compare the two loan offers by finding the monthly payments…

A: Purchase Price of Car = 24750 Two loan options evaluated below

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A: Data Points:- The blue dots on the plot represent the actual MSRP data points for the Porsche Boxter…

Q: Todd is able to pay $360 a month for 6 years to finance a car purchase.  a. If the interest rate is…

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Q: Find the attached file.

A: The monthly payments can be computed as follows:

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Q: Mike is able to pay a monthly 30-year mortgage payment of $1,800. After shopping around, he found a…

A: Compound = Monthly = 12Time = t = 30 * 12 = 360Payment = p = $1800Interest Rate = r = 4.8 / 12 =…

Q: help with this questions

A: Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.