Luis is going to buy a house whose sale price is $ 246,500.00, the finance company requires

Fantastic news! We've Found the answer you've been seeking!

Question:

Luis is going to buy a house whose sale price is $ 246,500.00, the finance company requires ashortly of 5.45% of the sale price, the closing costs are 6.5% of the balance, the rateinterest on the loan is 3 3/8% compounded monthly and the principal will befinance for 30 years. What will the monthly payment be? What will be the total cost of the house? Thatpart of the first payment corresponds to the interest and how much will be contributed to the principal?

Entry
Luis's net monthly payment is $ 5,080.00 and the bank's borrowing policy establishes that the paymentmonthly will not exceed 30.45% of net monthly income, can you buy the house?

Posted Date: Nov 15, 2021 05:25 AM

See More Questions

Luis and Maria Rojas contracted to buy a house in Westchester County, New York, from Andrew and Karen Paine. The house was on property designated as Lot No. 8 on a subdivision map filed in the county...
On 1117 Swift Inc is going to buy the net assets of Kanye Inc Swift is willing to pay fair market value of the net assets plus excess earnings The excess earnings will be capitalized at prime plus 1...
A couple decides to buy a house which is currently valued at $318,921.46 on loan. The couple is willing to start paying $200.00 per month and are willing to increase their payment at a rate of 5%...
Unlike other sciences, the nature and value of philosophy is derived from reflection versus testing, measuring, or examining. O True O False 4
Dread Corporation operates in a high-tax state. The firm asks you for advice on a plan to outsource administrative work done in its home state to independent contractors. This work now costs the...
When other firms in your industry are behaving unethically, how can you buck the trend and position your company to value ethical behavior? Why is that important? Will it damage your companys...
In the Bohr model of the hydrogen atom, an electron orbits a nucleus consisting of one proton. Given that the electron and proton are both spinning, describe the types of magnetic interactions you...
Refer to problems 30 and 31. Petersons Catering Company hired an engineering consulting firm to perform an engineering estimate of its business costs. The consulting firm came up with the following...
(a) NP and Co. has imported goods for US $ 7,00,000. The amount is payable after three months. The company has also exported goods for US $ 4,50,000 and this amount is receivable in two months. For...
When faced with a clearly erroneous precedent, my rule is simple, writes Supreme Court Justice Clarence Thomas. We should not follow it. How do these words offer a cautionary tale for managers...
The Ways Customers Use Products Have Changed but Brands Haven't Kept Up How can the concepts in the article apply to prioritizing the brand portfolio? Can a company (and its brand) compete with Nike...
Jelaskan kesimpulan/pengertian Anda sehubungan dengan Audit atas account payable/hutang dalam penjelasan berikut ini : In terms of accounts payable and related expense accounts, the auditor is most...
Assume the following modified version of the citizen-candidate model. As in the model we studied in lectures, all citizens have ideal points in [1, 1] and a citizen with ideal point gains a utility...
Generate a new variable, agegroup, which takes value 1 if the mother is younger than 2 0 years, value 2 for age group 2 0 - 2 9 years, 3 for age group 3 0 - 3 9 years, and 4 for age group 4 0 years...
Design a class named Person and its two subclasses named Student and Faculty. Person class should have: name, age, and email. Constructor which takes 3 parameters for name, age and email. Student...
Jack bought his town-house 15-years ago in Melbourne and had taken out a loan for $350,000. In that 15-years he has paid off $200,000, leaving him with a loan balance of $150,000. Since 2008...
"Are there any factor ( ( s ) ) which are stable within an instructor? Provide some examples."
As water moves through the hydrologic cycle, water quality changes are common because of natural phenomena or anthropogenic pollution. Using Figure 11.1, describe how water-quality changes occur...
Indonesia produces about 60 percent of the worlds palm oil. Palm oil is used in the production of shampoo, ice cream, and chocolate. Assume that Switzerland does not produce palm oil but companies in...
An article in the Wall Street Journal stated that Chinas treatment of American know-how has been a central issue to U.S.-China trade tensions over the past five years. a. What does the article mean...
An article in the Wall Street Journal explained that despite rising national security tensions between the United States and China in 2023, trade between the two nations was rising. China is a...

Luis is going to buy a house whose sale price is $ 246,500.00, the finance company requires

Question:

Expert Answer:

Luis is going to buy a house whose sale price is 24650000 The finance company requires a down paymen... View the full answer

Students also viewed these accounting questions