Math
Advanced MathContemporary Mathematics for Business & ConsumersPhil Armstrong earns a gross income of $5,355 per month. He has submitted an application for a fixed-rate mortgage with a monthly PITI of $1,492. Phil has other financial obligations totaling $625 per month. a. What is his housing expense ratio? b. What is his total obligations ratio? c. According to the Lending Ratio Guidelines on page 468, for what type of mortgage would Phil qualify, if any?
Phil Armstrong earns a gross income of $5,355 per month. He has submitted an application for a fixed-rate mortgage with a monthly PITI of $1,492. Phil has other financial obligations totaling $625 per month. a. What is his housing expense ratio? b. What is his total obligations ratio? c. According to the Lending Ratio Guidelines on page 468, for what type of mortgage would Phil qualify, if any?
BuyFindarrow_forward
Contemporary Mathematics for Busin...
8th Edition
Robert Brechner + 1 other
Publisher: Cengage Learning
ISBN: 9781305585447
BuyFindarrow_forward
Contemporary Mathematics for Busin...
8th Edition
Robert Brechner + 1 other
Publisher: Cengage Learning
ISBN: 9781305585447
Solutions
Chapter
Section
Chapter 14, Problem 21AT
Textbook Problem
Phil Armstrong earns a gross income of $5,355 per month. He has submitted an application for a fixed-rate mortgage with a monthly PITI of $1,492. Phil has other financial obligations totaling $625 per month.
a. What is his housing expense ratio?
b. What is his total obligations ratio?
c. According to the Lending Ratio Guidelines on page 468, for what type of mortgage would Phil qualify, if any?
check_circle
Expert Solution
Chapter 14 Solutions
Contemporary Mathematics for Business & Consumers
Show all chapter solutions
addCh. 14.I - What is the monthly payment and total interest on...Ch. 14.I - Prepare an amortization schedule of the first four...Ch. 14.I - Michael Veteramo purchased a home with a mortgage...Ch. 14.I - Jonathan Monahan is purchasing a townhouse for...Ch. 14.I - Kate Fitzgerald bought a home with an...Ch. 14.I - Using Table 14-1 as needed, calculate the required...Ch. 14.I - Using Table 14-1 as needed, calculate the required...Ch. 14.I - Using Table 14-1 as needed, calculate the required...Ch. 14.I - Using Table 14-1 as needed, calculate the required...Ch. 14.I -
Using Table 14-1 as needed, calculate the...
Ch. 14.I - Using Table 14-1 as needed, calculate the required...Ch. 14.I - Using Table 14-1 as needed, calculate the required...Ch. 14.I - 8. Marc Bove purchased a home with a $78,500...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 - 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 - Calculate the housing expense ratio and the total...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 - Calculate the housing expense ratio and the total...Ch. 14.II - Calculate the housing expense ratio and the total...Ch. 14.II - Use Exhibit 14-4, Lending Ratio Guidelines, on...Ch. 14.II - 16. Ronald and Samantha Brady recently had their...Ch. 14.II - 17. The Barclays own a home that was recently...Ch. 14.II - Ransford and Alda Mariano own a home recently...Ch. 14.II - Michelle Heaster is thinking about building an...Ch. 14.II - Jamie and Alice Newmark have a combined monthly...Ch. 14.II - You are a mortgage broker at Interamerican Bank....Ch. 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 - 4. A chart that shows the month-by-month breakdown...Ch. 14 - 5. A(n) ___________ account is a bank account used...Ch. 14 - Today most mortgage payments include four parts,...Ch. 14 - The final step in a real estate transaction is a...Ch. 14 - 8. The official document representing the right of...Ch. 14 - 9. List four mortgage loan closing costs. (14-4)
Ch. 14 - A mortgage in which the interest rate changes...Ch. 14 - A home equity ___________ is a lump-sum second...Ch. 14 - A home equity ___________ of credit is a revolving...Ch. 14 - 13. Write the formula for the housing expense...Ch. 14 - Write the formula for the total obligations ratio....Ch. 14 - You are one of the branch managers of the Insignia...Ch. 14 - You are one of the branch managers of the Insignia...Ch. 14 - Suzanne Arthurs purchased a home with a $146,100...Ch. 14 - Use Table 14-1 to calculate the monthly principal...Ch. 14 - Use Table 14-1 to calculate the monthly principal...Ch. 14 - For the following second mortgage applications,...Ch. 14 - For the following second mortgage applications,...Ch. 14 - For the following second mortgage applications,...Ch. 14 - For the following mortgage applications, calculate...Ch. 14 - For the following mortgage applications, calculate...Ch. 14 - 11. As a loan officer using the Lending Ratio...Ch. 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 - 16. How much more total interest will be paid on a...Ch. 14 - Adam Marsh is purchasing a $134,000 condominium...Ch. 14 - 18. Martin Ellingham is negotiating to buy a...Ch. 14 - 19. The Randolphs own a home that recently...Ch. 14 - 20. Jonathan and Kimberly Schwartz live in a home...Ch. 14 - 21. Phil Armstrong earns a gross income of $5,355...Ch. 14 - 22. Magda Leon is applying for a home mortgage...
Additional Math Textbook Solutions
Find more solutions based on key concepts
Show solutions addOne sample has a mean of M = 5 and a second sample has a mean of M = 10. The two samples are combined into a si...
Statistics for The Behavioral Sciences (MindTap Course List)
In Exercises 722, evaluate the expression. 21. 161/4 81/3
Applied Calculus for the Managerial, Life, and Social Sciences: A Brief Approach
Determine whether the planes are parallel, perpendicular, or neither. If neither, find the angle between them. ...
Calculus: Early Transcendentals
In Exercises 71 to 82, determine whether each of the sets is a well-defined set. The set of even integers
Mathematical Excursions (MindTap Course List)
Find the measure of a central angle of a regular polygon of a 3 sides. c 5 sides. b 4 sides. d 6 sides.
Elementary Geometry For College Students, 7e
If p is a polynomial, show that limxa p(x) = p(a).
Single Variable Calculus
SW One of your goals as the new chief administrator of a large social service bureau is to equalize workloads w...
Essentials Of Statistics
Determining Convergence or Divergence In Exercises 11-13, determine the convergence or divergence of the sequen...
Calculus: Early Transcendental Functions
In a distribution with positive skew, where are the scoreswith the highest frequencies located? a. On the right...
Essentials of Statistics for The Behavioral Sciences (MindTap Course List)
Finding the Slope of a Graph In Exercises 916, use the limit definition to find the slope of the graph of f at ...
Calculus: An Applied Approach (MindTap Course List)
Classify each number as prime or not prime: 123
Elementary Technical Mathematics
Evaluate the definite integral. 03dx5x+1
Single Variable Calculus: Early Transcendentals, Volume I
78 Identify the surface whose equation is given. cos=1
Calculus (MindTap Course List)
Critical Thinking The following ogives come from different distributions of 50 whole numbers between 1 and 60. ...
Understanding Basic Statistics
Solve the equations in Exercises 126. (x3+1)x+1(x3+1)2x+1=0
Finite Mathematics
For Problems 2-10, state the property of equality or the property of real numbers that justifies each of the st...
Intermediate Algebra
A random sample of n = 15 heat pumps of a certain type yielded the following observations on lifetime (in years...
Probability and Statistics for Engineering and the Sciences
Number of Local Extrema Graph the polynomial, and determine how many local maxima and minima it has. 72. y=13x7...
Precalculus: Mathematics for Calculus (Standalone Book)
23. The graph is shown below.
What are the coordinates of point Q? Do they satisfy the equation?
What are th...
Mathematical Applications for the Management, Life, and Social Sciences
Convert each expression in Exercises 25-50 into its technology formula equivalent as in the table in the text. ...
Finite Mathematics and Applied Calculus (MindTap Course List)
Write a trial solution for the method of undetermined coefficients. Do not determine the coefficients. 18. y" +...
Multivariable Calculus
Using the Divergence Theorem In Exercises 9-18, use the Divergence Theorem to evaluate SFNdS and find the outwa...
Calculus: Early Transcendental Functions (MindTap Course List)
Using the Second Fundamental Theorem of Calculus In Exercises 75-80, use the Second Fundamental Theorem of Calc...
Calculus of a Single Variable
Label each of the following statements as either true or false. If two groups G and G have order 3, then G and ...
Elements Of Modern Algebra
Find the two square roots for each of the following complex numbers. Write your answers in standard form. 2+2i3
Trigonometry (MindTap Course List)
Express the limit as a definite integral on the given interval. limni=1nxi1+xi3x,[2,5]
Single Variable Calculus: Early Transcendentals
For
Study Guide for Stewart's Multivariable Calculus, 8th
limx0sin5x3x=. a) 1 b) 53 c) 35 d) 0
Study Guide for Stewart's Single Variable Calculus: Early Transcendentals, 8th
Assume that the probability of a boy being born is the same as the probability of a girl being born. In Exercis...
Finite Mathematics for the Managerial, Life, and Social Sciences
What is the measure of each interior angle of a stop sign?
Elementary Geometry for College Students
True or False? In Exercises 8594, determine whether the statement is true or false. If it is false, explain why...
Multivariable Calculus
In a study conducted to investigate browsing activity by shoppers, each shopper was initially classified as a n...
Statistics for Business & Economics, Revised (MindTap Course List)
Area In Exercises 25 and 26, find the area of the triangle with the given vertices. (Hint: 12uv is the area of ...
Calculus (MindTap Course List)
According to the gamblers fallacy, if a coin toss results in heads three times in a row, then the probability o...
Research Methods for the Behavioral Sciences (MindTap Course List)
Ramon del Rosarios mothers father died of Huntingtons disease. His mother died in childbirth, before symptoms o...
Mathematics: A Practical Odyssey
Houses in California are expensive, especially on the Central Coast where the air is clear, the ocean is blue, ...
Introduction To Statistics And Data Analysis
Describe what it means to say that science is empirical, public, and objective, and explain why each of these p...
Research Methods for the Behavioral Sciences (MindTap Course List)
The quarterly sales data (number of copies sold) for a college textbook over the past three years follow. a. Co...
STATISTICS F/BUSINESS+ECONOMICS-TEXT
Let x=2,y=0,and z=3 and evaluate each expression. x2
College Algebra (MindTap Course List)
Express the following ratios in lowest fractional form. 9. 2:11
Mathematics For Machine Technology
Salaries of Business Graduates. Annual starting salaries for college graduates with degrees in business adminis...
Essentials Of Statistics For Business & Economics
Use Eulers method with h = 0.1 to approximate x(0.2) and y(0.2), where x(t), y(t) is the solution of the initia...
A First Course in Differential Equations with Modeling Applications (MindTap Course List)
38. A survey asked the following question: Do you favor or oppose providing tax-funded vouchers or tax deductio...
Modern Business Statistics with Microsoft Office Excel (with XLSTAT Education Edition Printed Access Card) (MindTap Course List)
Pythagorean Triples A Pythagorean Triple is a group of three integers, such as 3,4 , and 5, that could be the l...
College Algebra
Suppose the average value of f over [a, b] is 1 and the average value of f over [b, c] is 1 where a < c < b. Sh...
Calculus Volume 2
Maximum and Minimum Values In Exercise S-1 through S-4, you are given the formula for a function of x and the x...
Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
Each statement in 25—28 refers to Tarski world of Figure 3.3.1. For each, (a) determine whether the statement i...
Discrete Mathematics With Applications
