Please answer questions 5 thru 12 and explain

07 Dr. Gary Winek Name: CSM 2360 Date Due Owner Financing Worksheet on to www.mocase101.om and determine the monthly mortgage amounts (PI only) per $1,000 been provided in the chart below borrowed for the following interest rates and terms. Two examples have 20 Years 30 Years 6.60 Directions: In a neat and organized manner, work each problem in the space provided below or on a separate sheet of paper stapled to the back of this worksheet. Bank A's Lending Rules: 28/36 Housing/housing plus long term debt Loan/down payment ratio 80/20 Problem Set 1: Based on a couple earning $90,000/year 5 000 to ,000 1) What general price range should the couple consider? 100 2) What is the maximum monthly payment the couple can afford per month for housing? ,700 3) What is the maximurn the couple can afford for housing and other long term debt? ,600 4) How much money would the couple have left for housing if they have car payments of $500/month, school loans of $350/month and $250/month minimum credit card payments? Calculate the selling price of a home by using the monthly allowance calculated in question 2 for the couple, a 30-year, 7% mortgage, taxes and insurance costing $36/msl,000 of assessed home value and a 80/20 loan. 5) Calculate the selling price of the above home using the information in question 5 and a 7%, 15 year mortgage. 6) 7) Calculate the home selling price they can afford, using the information in question 5, but the housing allowance calculated in question 4