Giselle wants to buy a condo that has a purchase price of $163,000. Giselle earns $2,986 a month and wants to spend no more than 25% of her income on her mortgage payment. She has saved up $33,000 for a down payment. Giselle is considering the following loan option: 20% down, 30 year at a fixed rate of 6.25%. What modification can be made to this loan to make it a viable option, given Giselle’s situation?
Answers
Answer:
Giselle should purchase points to lower the interest rate of the mortage, this will make the cuota decrease.
Explanation:
163000 x20% = 32,600
163,000 - 32,600 = 130,040
current mortgage cuota:
C= 800.68
800.68/ 2,986 = 0.2681 = 26.81%
this cuota exeeds the desired amount Giselle wants.
her couta can be as much as 2,986 x 25% = 746.5
Giselle should purchase points to lower the interest rate of the mortage, this will make the cuota decrease.
Answer:
B
Explanation:
Edge 2020 your welcome
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Answers
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True
False
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$ 12,000.
$1,080,000.
$1,200,000.
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Answer: The answer is $1,080,000
Explanation :
Step one :
Since the said approved amount is
$1,200,000 and it is subject to 10% retention
10%of $1,200,000=
10/100*$1,200,000=$120,000
Step two:
The amount that should be debited to Construction Expenditures is approved amount
$1,200,000 minus 10% retention amount
$1,200,000-$120,000
$1,080,000
Answer:
$1,080,000
Explanation:
Progress billing submitted on the construction contract = $1,200,000
If the bill was approved to 10% retention, the retention amount will be 10% of $1,200,000
Retention amount = 10/100×$1,200,000
Retention amount = $120,000
Amount debited to construction expenditure = Initial billing - retention amount
Amount debited to construction expenditure = $1,200,000 - $120,000
Amount debited to construction expenditure = $1,080,000
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