Chris Burditt bought a house for $ 212 , 500 . He put 20 % down and obtains a simple interest amortized loan for the rest at 10 7 8 % for thirty years. a. Find his 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 Chris make to qualify for the loan?
Chris Burditt bought a house for $ 212 , 500 . He put 20 % down and obtains a simple interest amortized loan for the rest at 10 7 8 % for thirty years. a. Find his 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 Chris make to qualify for the loan?
Chris Burditt bought a house for
$
212
,
500
. He put
20
%
down and obtains a simple interest amortized loan for the rest at
10
7
8
%
for thirty years.
a. Find his 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 Chris make to qualify for the loan?
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