Contemporary Mathematics for Business & Consumers
8th Edition
ISBN: 9781305585447
Author: Robert Brechner, Geroge Bergeman
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 14, Problem 14CR
To determine
The formula for the total obligation ratio.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
I need someone to explain the four subparts so I can understand thank you.
Your friend and her partner have a combined gross income of $12,132 and monthly expenses totaling $3,105. They plan to buy a house with a mortgage whose monthly PITI will be $2,000.
(a) What is your friend and her partner's combined housing expense ratio?
(b) What is their total obligations ratio?
(c) For what kind of mortgage can they qualify, if any?
(d) If they do not qualify for an FHA mortgage, by how much should they reduce their monthly expenses in order to be eligible? (Set up an equation and solve it.)
in Arbitrage Pricing Theory can you explain the following assumptions meanings
31. The contract between insured and insurer is ______________.
a.
Coverage
b.
Face value
c.
Policy
d.
Premium
Chapter 14 Solutions
Contemporary Mathematics for Business & Consumers
Ch. 14.I - What is the monthly payment and total interest on...Ch. 14.I - Prob. 2TIECh. 14.I - Prob. 3TIECh. 14.I - Prob. 4TIECh. 14.I - Prob. 5TIECh. 14.I - Using Table 14-1 as needed, calculate the required...Ch. 14.I - Prob. 2RECh. 14.I - Using Table 14-1 as needed, calculate the required...Ch. 14.I - Prob. 4RECh. 14.I - Prob. 5RE
Ch. 14.I - Prob. 6RECh. 14.I - Using Table 14-1 as needed, calculate the required...Ch. 14.I - Prob. 8RECh. 14.I - As one of the loan officers for Grove Gate Bank,...Ch. 14.I - As one of the loan officers for Grove Gate Bank,...Ch. 14.I - As one of the loan officers for Grove Gate Bank,...Ch. 14.I - As one of the loan officers for Grove Gate Bank,...Ch. 14.I - As one of the loan officers for Grove Gate Bank,...Ch. 14.I - As one of the loan officers for Grove Gate Bank,...Ch. 14.I - Ben and Mal Scott plan to buy a home for $272,900....Ch. 14.I - 16. Michael Sanchez purchased a condominium for...Ch. 14.I - 17. Luis Schambach is shopping for a 15-year...Ch. 14.I - 18. Phil Pittman is interested in a fixed-rate...Ch. 14.I - 19. Larry and Cindy Lynden purchased a townhome in...Ch. 14.I - Heather Gott bought a home with an adjustable-rate...Ch. 14.I - Joe and Gloria Moutran art purchasing a house in...Ch. 14.I - 22. You are a real estate broker for Aurora...Ch. 14.II - Justin Schaefer owns a home that was recently...Ch. 14.II - Roman Bass cams a gross income of $3,100 per...Ch. 14.II - For the following second mortgage applications,...Ch. 14.II - For the following second mortgage applications,...Ch. 14.II - For the following second mortgage applications,...Ch. 14.II - For the following second mortgage applications,...Ch. 14.II - For the following second mortgage applications,...Ch. 14.II - For the following second mortgage applications,...Ch. 14.II - For the following second mortgage applications,...Ch. 14.II - Calculate the housing expense ratio and the total...Ch. 14.II - Calculate the housing expense ratio and the total...Ch. 14.II - Prob. 10RECh. 14.II - Prob. 11RECh. 14.II - Prob. 12RECh. 14.II - Prob. 13RECh. 14.II - Prob. 14RECh. 14.II - Use Exhibit 14-4, Lending Ratio Guidelines, on...Ch. 14.II - 16. Ronald and Samantha Brady recently had their...Ch. 14.II - Prob. 17RECh. 14.II - Ransford and Alda Mariano own a home recently...Ch. 14.II - Prob. 19RECh. 14.II - Jamie and Alice Newmark have a combined monthly...Ch. 14.II - Prob. 21RECh. 14.II - According to moncy.CNN.com. with mortguge rates...Ch. 14 - 1. Land, including permanent improvements on that...Ch. 14 - A(n) ___________ is a loan in which real property...Ch. 14 - Mortgage ___________ points are an extra charge...Ch. 14 - Prob. 4CRCh. 14 - 5. A(n) ___________ account is a bank account used...Ch. 14 - Prob. 6CRCh. 14 - Prob. 7CRCh. 14 - Prob. 8CRCh. 14 - Prob. 9CRCh. 14 - Prob. 10CRCh. 14 - A home equity ___________ is a lump-sum second...Ch. 14 - Prob. 12CRCh. 14 - Prob. 13CRCh. 14 - Prob. 14CRCh. 14 - Prob. 1ATCh. 14 - Prob. 2ATCh. 14 - Suzanne Arthurs purchased a home with a $146,100...Ch. 14 - Prob. 4ATCh. 14 - Prob. 5ATCh. 14 - Prob. 6ATCh. 14 - Prob. 7ATCh. 14 - Prob. 8ATCh. 14 - Prob. 9ATCh. 14 - Prob. 10ATCh. 14 - Prob. 11ATCh. 14 - 12. Dale Evans bought the Lazy D Ranch with an...Ch. 14 - 13. Diversified Investments purchased a 24-unit...Ch. 14 - Larry Mager purchased a ski lodge in Telluride for...Ch. 14 - 15. A Denny’s Restaurant franchisee is looking for...Ch. 14 - Prob. 16ATCh. 14 - Adam Marsh is purchasing a $134,000 condominium...Ch. 14 - Prob. 18ATCh. 14 - Prob. 19ATCh. 14 - Prob. 20ATCh. 14 - 21. Phil Armstrong earns a gross income of $5,355...Ch. 14 - 22. Magda Leon is applying for a home mortgage...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, subject and related others by exploring similar questions and additional content below.Similar questions
- Tom sells mutual funds on a graduated commission structure. He receives 3.3% on the first 50,000 of sales in a month, 4.4% on the next $50,000, and 5.5% on all further sales. What are his gross earnings for a month in which he sells $140,000 worth of mutual funds?arrow_forwardAharon and Patricia plan to file jointly and they currently project a taxable income of $142,250. They are in the middle of the 22% tax bracket. They donate a lot of their money to charity so they itemize their deductions, and this year they are thinking of donating $2000 to a new charitable organization with 501c3 status. a. How much will the donation lower the amount of taxes they have to pay? b. Considering that their taxes will be reduced, how much will the donation cost them out of pocket? c. This year Patricia gave birth to a child, so they qualify for the $2000 child tax credit. How much will this save them on their taxes?arrow_forwardA patient with a high-deductible consumer-driven health plan has met half of the $1,000 annual deductible before requiring surgery to repair a broken ankle while visiting a neighboring state. The out-of-network physician’s bill is $4,500. The PPO that takes effect after the deductible has been met is an 80-20 in-network plan and a 60-40 out-of-network plan. How much does the patient owe? How much should the PPO be billed?arrow_forward
- Do you consider applying interest on personal finances as positive or negative? 5 sentences.arrow_forwardCalculate the total cost, proceeds, total gain (or loss), and return on investment for the given mutual fund. The offer price is the purchase price of the shares, and the net asset value is the price at which the shares were later sold. Shares Offer Price Total Cost Net Asset Value Proceeds Per Share Dividends Total Gain (or Loss) Return on Investment % 300 $10.35 ? $12.95 ? .76 ? ?arrow_forward7) Francisco is single, and he earned $76,380 in 2020. He paid a total of $8,838 in 2020 for benefits, including his health insurance premiums and 401(k) contributions. He paid $4,064 in state and local taxes, paid $3,528 in property taxes, paid $7,284 in mortgage interest, and donated $1,800 to charity in 2020. Assume that there are no other tax-deductible expenses or special adjustments to his taxable income. Find Francisco's taxable income for 2020.Note: The 2020 standard deduction for a single tax filer is $12,400. $50,866 $38,466 $55,142 $63,980 8) Olivia is single, and her taxable income for 2020 is $23,983. A total of $2,951.83 was withheld from her paychecks in 2020 for federal income taxes. Which of the following best describes her situation? Use the following tax rate chart: If Taxable Income Is: The Tax Is: Not over $9,875 10% of the taxable income Over $9,875 but not over $40,125 $987.50 plus 12% of the excess over $9,875 Over $40,125 but not…arrow_forward
- Part D: If a person following the budget on the pie chart makes $2500 per month, approximately how much should be set aside for daily spending? Part E: A person who makes $2,000 per month decides to rent a room in an apartment for $500. Is that a wise financial decision? Why or why not?arrow_forward1. Help Rico determine what his deduction amount is. Rico is entitled to a $6,250 standard deduction because he is single. Rico had the following tax deductible expenses last year: $500 donation to charity, $1200 in unreimbursed business expenses, $1800 in state and local taxes, and $900 in school supplies. First step: What is the total amount of Rico's tax deductible expenses? 2. Rico is entitled to a $6,250 standard deduction because he is single. Rico had the following tax deductible expenses last year: $500 donation to charity, $1200 in unreimbursed business expenses, $1800 in state and local taxes, and $900 in school supplies. Rico has to choose between his standard deduction and his itemized deduction, and he knows it is best to use the larger deduction. How much of a deduction will Rico take?arrow_forwardQuestion- Mathab wants to buy a car and is offered two payments options (#1) cash payments of $26,889 + HST or (#2) 10% down payment + 36 monthly payments of $861.96 (taxes included). the after-tax cost is?arrow_forward
- Suppose you purchase a home and secure a loan for $165,000. If the bank charges a fee of 3 points, what is the charge for points? $550.00 $4,950.00 $3,000.00 $55,000.00 $3,130.00arrow_forwardChristian is filing taxes. His deductions are $12,850 for medical bills, $2,700 for home repairs, $1,800 for property taxes, and $3,270 for student-loan interest. The family's income is $103,000, and Christian files as head of household. The standard deduction is $18,350. What is Christian's taxable income? $84,650 $88,680 $86,680 $82,380arrow_forward11. Which of these tax forms reports an employee's yearly wages, tips, and other compensation? W-2 W-1 W-4 W-3arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Discrete Mathematics and Its Applications ( 8th I...MathISBN:9781259676512Author:Kenneth H RosenPublisher:McGraw-Hill EducationMathematics for Elementary Teachers with Activiti...MathISBN:9780134392790Author:Beckmann, SybillaPublisher:PEARSON
- Thinking Mathematically (7th Edition)MathISBN:9780134683713Author:Robert F. BlitzerPublisher:PEARSONDiscrete Mathematics With ApplicationsMathISBN:9781337694193Author:EPP, Susanna S.Publisher:Cengage Learning,Pathways To Math Literacy (looseleaf)MathISBN:9781259985607Author:David Sobecki Professor, Brian A. MercerPublisher:McGraw-Hill Education
Discrete Mathematics and Its Applications ( 8th I...
Math
ISBN:9781259676512
Author:Kenneth H Rosen
Publisher:McGraw-Hill Education
Mathematics for Elementary Teachers with Activiti...
Math
ISBN:9780134392790
Author:Beckmann, Sybilla
Publisher:PEARSON
Thinking Mathematically (7th Edition)
Math
ISBN:9780134683713
Author:Robert F. Blitzer
Publisher:PEARSON
Discrete Mathematics With Applications
Math
ISBN:9781337694193
Author:EPP, Susanna S.
Publisher:Cengage Learning,
Pathways To Math Literacy (looseleaf)
Math
ISBN:9781259985607
Author:David Sobecki Professor, Brian A. Mercer
Publisher:McGraw-Hill Education
Correlation Vs Regression: Difference Between them with definition & Comparison Chart; Author: Key Differences;https://www.youtube.com/watch?v=Ou2QGSJVd0U;License: Standard YouTube License, CC-BY
Correlation and Regression: Concepts with Illustrative examples; Author: LEARN & APPLY : Lean and Six Sigma;https://www.youtube.com/watch?v=xTpHD5WLuoA;License: Standard YouTube License, CC-BY