First, 1+0.0053 =1.0053 So it will be (1-(1.0053) 360 (exponent) / (divided by) 0.0053 My...
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First, 1+0.0053 =1.0053
So it will be (1-(1.0053) 360 (exponent) / (divided by) 0.0053
My question is ? What is the next step after that? Can you please simplify as much as possible step by step thanks!!!
SOLUTION Annual income S55,500 S55,500 x .36 S19,980 in Debt payments allowed S19,980/12- S1665 max monthly debt Payments allowed. S418 S238 S656 other monthly debt. Monthly Debt allowed for home mortgage payment: $1665 - S656 S1009 per month Using the Present Value formula 7 Where Payment C S1009 per month i- monthly interest 0636/12- 0.005.3 n-360 periods (30 years x 12 months) $1009 (1-(1+0.0053)300 PV- S161,987 Therefore, the maximum Mortgage is S161,987 0.0053
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