The Adeeva's gross monthly income is $7400. They have 18 remaining payments of $270 on a new car. They are applying for a 15-year, $162,000 mortgage at 7.5%. The taxes and insurance on the house are $260 per month. The bank will only approve a loan that has a total monthly mortgage payment 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 Payments a) Determine 28% of the Adeeva's adjusted monthly income. Monthly Principal and Interest Payment per $1000 of Mortgage $O | (Round to the nearest cent.) b) Determine the Adeeva's total monthly mortgage payment, including principal, interest, taxes, and homeowners' insurance. $ (Round to the nearest cent.) Number of Years Rate 10 15 20 25 30 c) Do they qualify for this mortgage? $5.27837 40 $10.12451 $7.39688 $6.05980 $4.77415 4.5 1036384 7.64993 6.32649 5.55832 5.06685 O No O Yes 50 7.90794 6.59956 5.84590 5.36822 55 10.85263 8.17083 6.87887 6.14087 5.67789 60 8.43857 7.16431 64401 5.99551 65 11.35480 8.71107 7.45573 6.75207 632068 7.0 11.61085 8.98828 7.75299 7.06779 665302 7.5 I1.87018 9.27012 8.05593 7.38991 6.99215 80 12.13276 9.55652 8.36440 7.71816 7.33765 8.5 12.39857 984740 867823 8.05227 7.68913 90 12.66758 10.14267 8.99726 8.39196 8.04623 9.5 12.93976 10.44225 9.32131 8.73607 840RS4 100 13.21507 10.74605 9.65022 9.08701 8.77572 10.5 13.49350 11.05390 9.98380 9.44182 9.14739 11.0 13.77500 11.36597 10.32188 9.80113 952323 11.5 14.05954 11.68190 10.6640 10.16469 9.90291 120 14.34709 12.00168 11.01086 10.53224 10.28613
The Adeeva's gross monthly income is $7400. They have 18 remaining payments of $270 on a new car. They are applying for a 15-year, $162,000 mortgage at 7.5%. The taxes and insurance on the house are $260 per month. The bank will only approve a loan that has a total monthly mortgage payment 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 Payments a) Determine 28% of the Adeeva's adjusted monthly income. Monthly Principal and Interest Payment per $1000 of Mortgage $O | (Round to the nearest cent.) b) Determine the Adeeva's total monthly mortgage payment, including principal, interest, taxes, and homeowners' insurance. $ (Round to the nearest cent.) Number of Years Rate 10 15 20 25 30 c) Do they qualify for this mortgage? $5.27837 40 $10.12451 $7.39688 $6.05980 $4.77415 4.5 1036384 7.64993 6.32649 5.55832 5.06685 O No O Yes 50 7.90794 6.59956 5.84590 5.36822 55 10.85263 8.17083 6.87887 6.14087 5.67789 60 8.43857 7.16431 64401 5.99551 65 11.35480 8.71107 7.45573 6.75207 632068 7.0 11.61085 8.98828 7.75299 7.06779 665302 7.5 I1.87018 9.27012 8.05593 7.38991 6.99215 80 12.13276 9.55652 8.36440 7.71816 7.33765 8.5 12.39857 984740 867823 8.05227 7.68913 90 12.66758 10.14267 8.99726 8.39196 8.04623 9.5 12.93976 10.44225 9.32131 8.73607 840RS4 100 13.21507 10.74605 9.65022 9.08701 8.77572 10.5 13.49350 11.05390 9.98380 9.44182 9.14739 11.0 13.77500 11.36597 10.32188 9.80113 952323 11.5 14.05954 11.68190 10.6640 10.16469 9.90291 120 14.34709 12.00168 11.01086 10.53224 10.28613
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:The Adeeva's gross monthly income is $7400. They have 18 remaining payments of $270 on a new car. They are applying for a 15-year, $162,000 mortgage at 7.5%. The taxes and insurance on the house are $260 per month. The bank will only
approve a loan that has a total monthly mortgage payment 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 Payments
a) Determine 28% of the Adeeva's adjusted monthly income.
Monthly Principal and Interest Payment per $1000 of Mortgage
$
(Round to the nearest cent.)
b) Determine the Adeeva's total monthly mortgage payment, including principal, interest, taxes, and homeowners' insurance.
$
(Round to the nearest cent.)
Number of Years
Rate %
10
15
20
25
30
c) Do they qualify for this mortgage?
$5.27837
$4.77415
4.0
$10.12451
$7.39688
$6.05980
4.5
10.36384
7.64993
6.32649
5.55832
5.06685
No
5.0
10.60655
7.90794
6.59956
5.84590
5.36822
5.5
10.85263
8.17083
6.87887
6.14087
5.67789
Yes
6.0
11.10205
8.43857
7.16431
6.44301
5.99551
6.5
11.35480
8.71107
7.45573
6.75207
6.32068
7.0
11.61085
8.98828
7.75299
7.06779
6.65302
7.5
11.87018
9.27012
8.05593
7.38991
6.99215
8.0
12.13276
9.55652
8.36440
7.71816
7.33765
8.5
12.39857
9.84740
8.67823
8.05227
7.68913
9.0
12.66758
10.14267
8.99726
8.39196
8.04623
9.5
12.93976
10.44225
9.32131
8.73697
8.40854
10.0
13.21507
10.74605
9.65022
9.08701
8.77572
10.5
13.49350
11.05399
9.98380
9.44182
9.14739
11.0
13.77500
11.36597
10.32188
9.80113
9.52323
11.5
14.05954
11.68190
10.66430
10.16469
9.90291
12.0
14.34709
12.00168
11.01086
10.53224
10.28613
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