Kimberly is looking to buy a home in California. The most he can afford to pay...

Kimberly is looking to buy a home in California. The most he can afford to pay in total is $2,000 per month. Yearly property taxes will be about $3,600 (escrowed monthly) and insurance is $120 per month. There are no other costs. If his parents give him $20,000 for a down payment, what is the most he can pay for a house with a 15-year mortgage if the interest rate is 5.60 percent?

Expert Solution

jeff jeffy answered 11 months ago

A homeowner is looking to buy a home in Marvin Gardens. The most he can afford...

A homeowner is looking to buy a home in Marvin Gardens. The most he can afford to pay in total is $1,800 per month. Yearly property taxes will be about $3,000 (escrowed monthly) and insurance is $110 per month. There are no other costs. If mortgage rates are 6.25% for a 30-year fixed-rate mortgage, how large can his mortgage be? If his parents give him $20,000 for a down payment, what is the most he can pay on a house...

Katekani is looking to buy a house and can afford a payment of R14 000.00 a month.

Katekani is looking to buy a house and can afford a payment of R14 000.00 a month. If the house costs R1 500 000 and Jane can get a 20 year loan at 10.25% p.a. compounded monthly, how much must Jane give as a deposit to lower her payment to R14 000.00 a month?

You plan to buy ahouse and you can afford to pay a monthly mortgage of...

You plan to buy a house and you can afford to pay a monthly mortgage of $801 over 30 years. The bank has offered you a 3.34% interest rate, compounded monthly.How much you can afford to borrow for the house?Please round your answer to the second decimal without a dollar sign. E.g. 1234.56

You are looking to buy a car. You can afford $650 in monthly payments for five...

You are looking to buy a car. You can afford $650 in monthly payments for five years. In addition to the loan, you can make a $750 down payment. If interest rates are 8 percent APR, what price of car can you afford (loan plus down payment)? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

Jacinda Herschel wants to buy a car and determines she can afford to pay $403.62 a...

Jacinda Herschel wants to buy a car and determines she can afford to pay $403.62 a month for a 3 year loan. The rate on such a loan is 0.0321. How much money can Jacinda borrow?

Jacinda Herschel wants to buy a car and determines she can afford to pay $173.63 a...

Jacinda Herschel wants to buy a car and determines she can afford to pay $173.63 a month for a 4 year loan. The rate on such a loan is 0.0377. How much money can Jacinda borrow?

Jacinda Herschel wants to buy a car and determines she can afford to pay $367.47 a month for a 3 year loan.

InstructionsComplete the following problems using either a financial calculator or a spreadsheet program. Do not use interim rounding, state your answers as positive values, to two decimal places for dollar or period values and four places for percentages stated as decimals; do not label answers with symbols such as $ or %. For example, 10.5% should be input as .1050.1. Jacinda Herschel wants to buy a car and determines she can afford to pay $367.47 a month for a 3...

Joe Smith, a young Engineer has planned to buy a house that they could afford. He...

Joe Smith, a young Engineer has planned to buy a house that they could afford. He and his spouse have been saving even before getting married and have put away about $65,000. The average price of a start up house or condo is about $550,000 here in Los Angeles, California. They have the following options to take a Jumbo loan; 1. ) 30-years fixed (% 20 down) · Note rate: 3.75 % · Cost: 0.0 Points 2. ) 15-years fixed...

Sally wants to buy a car but is unsure how much of . she can afford....

Sally wants to buy a car but is unsure how much of . she can afford. The maximum monthly payment she can afford is $780.. Her bank’s interest rate is 14%. annually if she pays off the loan over 5 years. What is the maximum amount she can afford to borrow? Impossible to calculate given the available data She can afford $53, 352.05 She can afford $46,800.03 D-She can afford $33,522,07 Someone said all options are wrong, can you...

Mary wants to buy a car but is unsure how much of she can afford. The...

Mary wants to buy a car but is unsure how much of she can afford. The maximum monthly payment she can afford is $780. Her bank's interest rate is 14% annualy if she pays off loan over 5 years. what is the maximum amount she can afford to borrow? - impossible to calculate with given data - she can afford $53,325.05 -she can afford $46,800.03 -she can afford $33,522.07 (show all excel work)

Question