1,500 b) S 5,700 c) $15,000 d) $28,500 32) You want to buy your dream...
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1,500 b) S 5,700 c) $15,000 d) $28,500 32) You want to buy your dream home, again. Your salary is 56,000 per year. The ban for a thirty-year (30) loan, your k has approved you mortgage at a rate of 4.25 percent per year. In order to be approved for the above mortgage payments will have to equal 32% of your gross monthly income. You need to have a down-payment towards the purchase price of the home. Caleulate the following: o) a) How much is the Monthly Mortgage Payment? b) How much of a mortgage loan will the bank lend you? c) What is the total cost of the house you can buy? How much is the required Down Payment? Page 5 of 9
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