ing a 28% lender's affordability ratio, estimated monthly property taxes and insurance of P250, a 25% down payment (of the purchase price), and an annual gross income of P84,800, calculate the maximum purchase price based on monthly income. The monthly payment will occur at the end of the month and you plan to pay off the mortgage over a 30-year period at a 6.25% annual interest rate. a. P374,343
ing a 28% lender's affordability ratio, estimated monthly property taxes and insurance of P250, a 25% down payment (of the purchase price), and an annual gross income of P84,800, calculate the maximum purchase price based on monthly income. The monthly payment will occur at the end of the month and you plan to pay off the mortgage over a 30-year period at a 6.25% annual interest rate. a. P374,343
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter7: Using Consumer Loans
Section: Chapter Questions
Problem 9FPE: Calculating and comparing add-on and simple interest loans. Eli Nelson is borrowing 10,000 for five...
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Assuming a 28% lender's affordability ratio, estimated monthly property taxes and insurance of P250, a 25% down payment (of the purchase price), and an annual gross income of P84,800, calculate the maximum purchase price based on monthly income. The monthly payment will occur at the end of the month and you plan to pay off the mortgage over a 30-year period at a 6.25% annual interest rate.
a.
P374,343
b.
P280,757
c.
P282,219
d.
P321,360
e.
None of the above
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