Question: FIN 3403 Canvas - X CO D Question 1 2 pts You are ready to buy a house and you have $25,000 for a down

FIN 3403

Canvas - X CO D Question 1 2 pts You are ready to buy a house and you have $25,000 for a down payment and closing costs. Closing costs are estimated to be 4% of the loan value. You have an annual salary of $42,000. The bank is willing to allow your monthly mortgage payment to be equal to 28% of your monthly income. The interest rate on the loan is 4.5% per year with monthly compounding (0.375% per month) for a 30-year fixed rate loan. Provide answers in whole dollars, no decimals, no dollar sign, e.g., 120514. A) How much money will the bank loan you? B) How much can you offer for the house

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