The Adeeva's gross monthly income is $5900. They have 18 remaining payments of $240 on...
50.1K
Verified Solution
Link Copied!
Question
Accounting
The Adeeva's gross monthly income is $5900. They have 18 remaining payments of $240 on a new car. They are applying for a 20-year, $189,000 mortgage at 6.5%. The taxes and insurance on the house are $280 per month. The bank will only approve a loan that has a total monthly mortgage payment of principal, interest, property taxes, and homeowners' insurance that is less than or equal to 28% of their adjusted monthly income.
a) Determine 28% of the Adeeva's adjusted monthly income.
b) Determine the Adeeva's total monthly mortgage payment, including principal, interest, taxes, and homeowners' insurance.
c) Do they qualify for this mortgage?
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
