ou are going to purchase a house which costs $330,000. your annual income is currently $72,000. the bank you are goin o get the mortgage from uses a 28% qualifying rate (a maximum of 28% of your gross monthly income can go to your monthly payment). how much will you need to put down in order to buy this house? use the following parameters: 30 year nortgage. 5.65% annual interest rate

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Loans

A loan is a term that we are all familiar with. The processing of loans is one of the most important functions of a bank. It keeps our economy stable and facilitates the implementation of monetary policies. Let's take a look at the different forms of loans and get some answers to some common questions.