10. 11. 12. 13. You can afford monthly payments of $400. If current mortgage rates are...

 

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10. 11. 12. 13. You can afford monthly payments of $400. If current mortgage rates are 2.87% for a 15-year fixed rate loan, how much can you afford to borrow? If you are required to make a 20% down payment and you have the cash on hand to do it, how expensive a home can you afford? (Hint: You will need to solve the loan payment formula for P.) Suppose that in the past year your only deductible expenses were $4000 in mortgage Interest and $4000 in charitable contributions. If you are entitled to a standard deduction of $6100, then the maximum total deduction you can claim is how much? Then the maximum total deduction you can claim is $8000, because that Is the sum of the deductible expenses, and it is greater than the standard deduction. A woman earned wages of $48,300, received $2700 in Interest from a savings account, and contributed $2700 to a tax-deferred retirement plan. She was entitled to a personal exemption of $3000 and had deductions totaling $5300. Find her gross income, adjusted gross Income, and taxable income. woman is single and earned wages of $60,800. She received $410 in interest from a savings account. She contributed $400 to a tax- deferred retirement plan. She had $5310 in itemized deductions from charitable contributions. 10. 11. 12. 13. You can afford monthly payments of $400. If current mortgage rates are 2.87% for a 15-year fixed rate loan, how much can you afford to borrow? If you are required to make a 20% down payment and you have the cash on hand to do it, how expensive a home can you afford? (Hint: You will need to solve the loan payment formula for P.) Suppose that in the past year your only deductible expenses were $4000 in mortgage Interest and $4000 in charitable contributions. If you are entitled to a standard deduction of $6100, then the maximum total deduction you can claim is how much? Then the maximum total deduction you can claim is $8000, because that Is the sum of the deductible expenses, and it is greater than the standard deduction. A woman earned wages of $48,300, received $2700 in Interest from a savings account, and contributed $2700 to a tax-deferred retirement plan. She was entitled to a personal exemption of $3000 and had deductions totaling $5300. Find her gross income, adjusted gross Income, and taxable income. woman is single and earned wages of $60,800. She received $410 in interest from a savings account. She contributed $400 to a tax- deferred retirement plan. She had $5310 in itemized deductions from charitable contributions.