Shirley Trembley bought a house for $ 187 , 600 . She put $ 20 down and obtains simple interest amortized loan for the rest at 6 3 8 % for thirty years. a. Find her monthly payment. b. Find the total interest. c. Prepare an amortization schedule for the first two months of the loan. d. Most lenders will approve a home loan only if the total of all the borrower’s monthly payments, including the home loan payment, is no more than 38 % of the borrower’s monthly income. How much must Shirley make to qualify for the loan?
Shirley Trembley bought a house for $ 187 , 600 . She put $ 20 down and obtains simple interest amortized loan for the rest at 6 3 8 % for thirty years. a. Find her monthly payment. b. Find the total interest. c. Prepare an amortization schedule for the first two months of the loan. d. Most lenders will approve a home loan only if the total of all the borrower’s monthly payments, including the home loan payment, is no more than 38 % of the borrower’s monthly income. How much must Shirley make to qualify for the loan?
Shirley Trembley bought a house for
$
187
,
600
. She put
$
20
down and obtains simple interest amortized loan for the rest at
6
3
8
%
for thirty years.
a. Find her monthly payment.
b. Find the total interest.
c. Prepare an amortization schedule for the first two months of the loan.
d. Most lenders will approve a home loan only if the total of all the borrower’s monthly payments, including the home loan payment, is no more than
38
%
of the borrower’s monthly income. How much must Shirley make to qualify for the loan?
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