CourseLover

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About CourseLover

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Algebra,Applied Sciences,Architecture and Design,Art & Design,Biology,Business & Finance,Calculus,Chemistry,Engineering,Health & Medical,HR Management,Law,Marketing,Math,Physics,Psychology,Programming,Science Hide all
Teaching Since: May 2017
Last Sign in: 286 Weeks Ago
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  • MCS,MBA(IT), Pursuing PHD
    Devry University
    Sep-2004 - Aug-2010

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  • Assistant Financial Analyst
    NatSteel Holdings Pte Ltd
    Aug-2007 - Jul-2017

Category > Accounting Posted 08 Dec 2017 My Price 10.00

What is Michelle's affordable home purchase price?

 Tammy Walters wants to know what price home she can afford. Her annual gross income is $40,000. She owes $750 per month on other debts and expects her property taxes and homeowners insurance to cost $250 per month. She knows she can get a 6.0%, 30-year mortgage, so her mortgage payment factor is 6.00. She expects to make a 20% down payment. What is Michelle's affordable home purchase price? Assume a lender will use a 38% monthly gross income guideline. Round your answer to the nearest $100.

Answers

CourseLover
(12)
Status NEW Posted 08 Dec 2017 02:12 PM My Price 10.00

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