Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. the rhodes family is applying for a 30-year fha mo

The Rhodes family is applying for a 30-year FHA mortgage loan at 4.00% interest per year....

70.2K

Verified Solution

Question

Finance

The Rhodes family is applying for a 30-year FHA mortgage loan at4.00% interest per year. Based upon the front-end ratio, what isthe maximum loan the family can afford? Use the most conservativeFHA ratio. Their financial situation is as follows:

ItemAmountFrequencyTime Remaining
Familly Income50000annual
Car loan350monthly36 months
Student loans180monthly110 months
Boat loan400monthly7 months

Answer & Explanation Solved by verified expert
4.1 Ratings (486 Votes)
Gross monthly Income 50000 12 416731 of the monthly income 1292Monthly payment of each    See Answer
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!
Become a Member

Transcribed Image Text

The Rhodes family is applying for a 30-year FHA mortgage loan at4.00% interest per year. Based upon the front-end ratio, what isthe maximum loan the family can afford? Use the most conservativeFHA ratio. Their financial situation is as follows:ItemAmountFrequencyTime RemainingFamilly Income50000annualCar loan350monthly36 monthsStudent loans180monthly110 monthsBoat loan400monthly7 months

Other questions asked by students

Q

How does the reserve requirement tool affect the ability of deposit – type financial         institutions to...

Finance
Q

Let R be the ring of all 2 x 2 real matrices. A. Assume that A is...

Basic Math
Q

For College Physics. Please explain in paragraph form. Please type it out as I cannot read...

Physics
Q

A circular conducting loop of mass m is placed in a magnetic field B perpendicular...

Physics
Q

4 An electrical appliance of power 1 5 kW is used for 4 hour each...

Physics
Q

A large cylindrical vessel containing a liquid of density is kept on a horizontal surface...

Physics
Q

Suppose a doctor measures the height x and head circumference y of 11 children and...

Statistics
Q

f x 1 In x 5 What can f x 1 In x 5 OA...

Calculus
Q

Identify the reasoning process induction or deduction Explain your answer The data in the graph...

Algebra
Q

1. You were single and had an adjusted gross income of $37,000 in 2019. You...

Accounting
Q

can you show your work The following are the current month's balances for...

Accounting
Q

Determine the present equivalent value of the following diagram when the annual interest rate varies...

Accounting