Maurice Tutor

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About Maurice Tutor

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Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 409 Weeks Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 30 Dec 2017 My Price 7.00

Capital structure Kirsten Neal

Capital structure Kirsten Neal is interested in purchasing a new house given that mortgage rates are at a historical low. Her bank has specific rules regarding anapplicant’s ability to meet the contractual payments associated with the requested debt. Kirsten must submit personal financial data for her income, expenses, and existing installment loan payments. The bank then calculates and compares certain ratios to predetermined allowable values to determine if it will make the requested loan. The requirements are as follows:

(1) Monthly mortgage payments <28% of monthly gross (before-tax) income. (2) Total monthly installment payments (including the mortgage payments) <37% of monthly gross (before-tax) income. Kirsten submits the following personal financial data:

Monthly gross (before-tax) income

$ 4,500

Monthly installment loan obligations

375

Requested mortgage

150,000

Monthly mortgage payments

1,100

a. Calculate the ratio for requirement 1.

b. Calculate the ratio for requirement 2.

c. Assuming that Kirsten has adequate funds for the down payment and meetsother lender requirements, will Kirsten be granted the loan?

Answers

Maurice Tutor
(5)
Status NEW Posted 30 Dec 2017 11:12 PM My Price 7.00

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