You wish to buy your first home. Your annual gross income is $84,000. You also have monthly payments for your car loan ($300) and your student loan ($500). (Round your answer to the nearest dollar, if necessary) If your lender requires that your PITI plus debt payments is no more than 38% of your monthly income, then how large a PITI payment can you afford? $ If you estimate that your monthly insurance and property tax payments will be about $300, then what is your largest affordable mortgage payment? $ If you have qualified for a 30-year, 5.5% mortgage, what is the most you can borrow, based on your largest affordable mortgage payment (use mortgage factors table)? $ If requires a 20% down pay for a homo haced

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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.