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Problem 10 A homeowner is looking to buy a home in Marvin Gardens The most he can afford to pay in total is 1800 per month Yearly property taxes will be about 3000 escrowed monthly and

Problem 10 A homeowner is looking to buy a home in Marvin Gardens. The most he can afford to pay in total is $ 1,800 per month. Yearly property taxes will be about $ 3,000 (escrowed monthly) and insurance is $ 110 per month. There are no other costs. a) If mortgage rates are 6.25% for a 30-year fixed-rate mortgage, how large can his mortgage be? b) If his parents give him $ 20,000 for a down payment, what is the most he can pay on a house with a 15-year mortgage if the interest rate is 5.5%?

 

Aug 28 2020 Read more Less More

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