2. Jason's gross monthly income is $3800 a month and he pays monthlyexpenses 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 tomake 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 filewhen you are ready. Save it as "M1LE4 assign_username.docx"

(a) The formula for Gross debt service ratio is ∑ costs in a monthTotal monthly income*100 The sum…

Answered: Jason's gross monthly income is $3800 a…

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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Jared was asked to find the monthly payment for a 20 year fixed rate at 8% for $162,000. However, he made an error. Answer the following and show all work for full credit. • What was his mistake? D • What should the monthly payment be? Jared's work: 162,000 ÷ 1,000 = 162 Monthly charge from the chart is 6.60 162 × 6.60 = 1,069.2 Monthly Payment = $1,069.20
If your credit card balance is $ 410.35, what would be the minimum payment on your bill if you are required to pay the greater of $10 or 3% of what you owe? *
Mason Industries purchased a drilling rig for $75,900. Delivery costs totaled $2,817. The useful life is 7 years and the salvage value is $12,952. Prepare a depreciation schedule using the straight-line method. Mason IndustriesDepreciation Schedule—Drilling End of Year Annual Depreciation ($) Accumulated Depreciation ($) Book Value ($) $78,717 (new) 1 $ $ $ 2 $ $ $ 3 $ $ $ 4 $ $ $ 5 $ $ $ 6 $ $ $ 7 $ $ $
Joshua repairs tubs and jacuzzis for $340 per job. His fixed costs are $1,250 per month and variable costs are $40 per job. a. Calculate the contribution margin on each job. b. Calculate the number of orders he needs to get per month to break even.
Suppose that you borrow $15,000 for a new car. You can select one of the following loans, each requiring regular monthly payments: installment loan A: three year loan at 5.4% installment loan B: five year loan at 6.4% find the monthly payments and the total interest for both loan A and loan B. Compare the monthly payments and the total interest for the two loans.
Consider the following two loans for P=$2,500. Loan A: 3-year loan, annual interest rate of 15%, monthly repayments of $86.66. Loan B: 5-year loan, annual interest rate of 10%, monthly repayments of $53.12. Calculate the absolute difference between the total interest paid on both loans. Round your answer to the nearest ten dollars.
2. Jack sold a t-shirt for $100, he made a profit percentage of 25%. Calculate: a. The cost price of the t-shirt b. The amount of profit Jack made. 3. James is a friend of the grocery store owner, the owner allocates to James' name, a special discount of 2% whenever he shops at the store. If James' total $156.20 calculate whether or not James' total would be under $150.00 after the discount. 4. Jake buys a shirt marked at $80. He receives a 10 per cent discount. How much does he pay for the shirt? Section 4 (Measurement) 1. Calculate the are and perimeter of a square with sides 8 cm. 2. Calculate volume of a cube with side 15 m.
Marc Batchelor, a self-employed sales consultant, has estimated annual earnings of $305,000 this year. His social security tax rate is 12.4% up to the wage base, Medicare is 2.9%, and his federal income tax rate is 24%. How much estimated tax (in $) must Marc send to the IRS each quarter?

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