Question HelpThe Adeeva's gross monthly income is $6300. They have 18 remaining payments of $230 on a new car. They are applying for a 20-year, $172,000mortgage at 6.5%. The taxes and insurance on the house are $360 per month. The bank will only approve a loan that has a total monthly mortgagepayment of principal, interest, property taxes, and homeowners' insurance that is less than or equal to 28% of their adjusted monthly income.Click here for table of Monthly Paymentsa) Determine 28% of the Adeeva's adjusted monthly income.(Round to the nearest cent.)TO b) Determine the Adeeva's total monthly mortgage payment, including principal, interest, taxes, and homeowners' insurance.etecart 1$6(Round to the nearest cent.)c) Do they qualify for this mortgage?NoO Yes

(a) Adeeva's adjusted monthly income = 6,300 - 230 = 6,07028% of Adeeva's adjusted monthly income =…

Answered: the Adeeva's gross monthly income is…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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am. 113.
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A buyer is applying for a mortgage loan of $70,000, with an annual interest rate of 12% and blended monthly payments of $722.32 including both principal and interest. The taxes on the property being mortgaged are $1900 per annum. The buyer has a gross income of $41,400 per annum. The buyer's debt service ratio is: a.20.94% b.15.10% c.25.53% d.25.78%
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A family has a $137,210, 30-year mortgage at 5.4% compounded monthly. Find the monthly payment. Also find the unpaid balance after the following periods of time. (A) 10 years (B) 20 years (C) 25 years
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