You have just graduated from ACME State with a degree in Diesel Technology. Your new job takes
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Question:
You have just graduated from ACME State with a degree in Diesel Technology. Your new job takes you to Toledo, Ohio. You are now earning $ per year. Your take home pay is of that gross total. You are anxious to purchase a home. You have the following monthly expenses:
Food $
Utilities $
Phone $
Medical $
Insurance $including auto, health and life
Clothing $
Student loan payment $
VISA payment $
MasterCard Payment $
Car payment $
Miscellaneous $
First calculate your monthly takehome pay. Next, add up the budgeted monthly expenses shown above. How much remains for a monthly mortgage PITI payment PITI principal, interest, taxes, insurance
$
$
$
$
Assume that taxes and insurance T&I amount to $ per month. How much remains to pay monthly mortgage principal and interest P&IHint: Use your answer from the previous question
$
$
$
$
Using the answer to the above question calculate the size of the mortgage loan you could obtain. Assume a year loan at percent annual interest.
$
$
$ mortgage
$
Using the answer from the above question, and assuming you have percent of the purchase price, what is the most you could pay for a home?
$
$
$
$
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