Question: Dave makes $ 8 0 , 0 0 0 per year. The bank requires that no more than 3 5 % of his gross income

Dave makes $80,000 per year. The bank requires that no more than 35% of his gross income goes toward monthly housing costs. His property tax bill is $1,500 per year and his homeowners insurance is $1,200 per year. Assuming no other costs and a 30-year fixed rate mortgage at 6.0% interest, approximately what is the maximum price that Dave can pay for a house if he has $192,000 as a down payment?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Q:

I need an expert for this. please check info for details. For exclusive use Florida International University, 2015 REVISED SEPTEMBER 6, 2013 CRAIG FURFINE KEL757 The Return of the Loan: Commercial...

Q:

For questions answered in the file, the answers are not 100% sure 1. The potential risks in a real estate investment include: (A) Liquidity risk, capital markets risk, legislative risk (B) Business...

Q:

Wildcat Discussion Questions: You may work on these questions by yourself or in a group (not to exceed 3 members). Please email me your completed spreadsheet model containing Exhibits 9 and 10 for...

Q:

Process compliance can be affected by: Multiple select question. organizational structure. maverick purchasing. organizational culture. information systems

Q:

(a) Investigate the given question about a set S of functions on an interval I. Give an example. Prove your ansnwer. (1) If S contains the zero functions, can S be linearly independent? (2) If S is...

Q:

Processors of FCOJ face price risks that the price of oranges may go up because of a freeze or a bad crop. In a table similar to Figure 17-6 show the steps a processor would go through to hedge this...

Q:

3. Laugh at the right time for the right time.

Q:

Shady Shades, Inc., manufactures artistic frames for sunglasses. Talia Demarest, controller, is responsible for preparing the companys master budget. In compiling the budget data for 20x1, Demarest...

Q:

*Brief Exercise 15-3 Wildhorse Corporation has the following account balances at December 31, 2017 Common stock, $5 par value Treasury stock Retained earnings Paid-in capital in excess of par-common...

Q:

Determine by direct integration the centroid of the area shown. Express your answer in terms of a and b. * = ky2 9.

Q:

Find all points (x,y) where f(x,y) has a possible relative maximum or minimum. f(x,y) = - 3x2+5xy -2y+x+y What are the possible point(s)? (Type an ordered pair. Type an exact answer in simplified...

Q:

Answer any two questions from the 3 questions below. At least one market equilibrium graph is required and at least a page to response to explain the graph and answer the question. Question #1:...

Q:

You have recently been hired as the VP of Talent Management. One of your primary duties is Human Resource Planning (HRP), ensuring that the organization, has the "right" employees in the "right" jobs...

Q:

On March 10 2021, in Strasbourg France, a fire broke out and destroyed one of four data centers of the French cloud computing company 'OVH', one of Europe's top cloud computing service provider's...

Q:

Decode the string below and then find the appropriate substitution cipher to decode thephrasebelow and find the flag. JBNFIUBNGYYDMMZTGEZAU=== Find the appropriate substitution cipher to decode...

Q:

The Children\'s Foundation enters into a contract with The Lively Group. The contract obligates The Children\'s Foundation to deliver a specified amount of cash to The Lively Group if a specified...

Q:

Stuart is the sole owner and a material participant in a business in which he has $50,000 at risk. If the business incurs a loss of $80,000 from operations, Stuart will be allowed the full amount as...

Q:

Starr Co. had sales revenue of $540,000 in 2014. Other items recorded during the year were: Cost of goods sold ..................................................... $330,000 Salaries and wages...

Q:

59. Science scores. Newspaper headlines recently announced a decline in science scores among high school seniors. In 2000, 15,109 seniors tested by the National Assessment in Education Program (NAEP)...

Q:

61. The Internet. The NAEP report described in Exercise 59 compared science scores for students who had home Internet access with the scores of those who did not, as shown in the graph. They report...

Q:

60. Credit card debt. The average household credit card debt has been reported to be between $8000 and $10,000. Often of interest is the average credit card debt carried by college students. In 2008,...