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Levels Tought:
Elementary,Middle School,High School,College,University,PHD
| Teaching Since: | May 2017 |
| Last Sign in: | 402 Weeks Ago, 6 Days Ago |
| Questions Answered: | 66690 |
| Tutorials Posted: | 66688 |
MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Suppose you are interested in buying a home valued at $500,000, and 30-year fixed-rate mortgages have an interest rate of 6%. What is your minimum down payment, assuming you will borrow with a conventional mortgage? If property taxes and homeowners" insurance total $500 per month, and you have other loan payments totaling $300 per month, how much do you need to earn on a monthly basis to qualify for a mortgage?
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