Reference no: EM133025279

Question 1:

A few years ago, Michael Tucker purchased a home for $111000. Today the home is worth $160000. His remaining mortgage balance is $54000.

Assuming Michael can borrow up to 78 percent of the market value of his home, what is the maximum amount he can borrow?

Round your answer to the nearest whole number. Do not include the comma, period, and "tiny_mce_markerquot; sign in your response

Question 2:

chiropractic school. Right now Kim is living at home and works in a shoe store, earning a gross income of $2850 per month. Her employer deducts a total of $190 for taxes from her monthly pay. Kim also pays $55 on credit card debt each month. The loan she needs for chiropractic school will cost an additional $160 per month.

Calculate her debt payments-to-income ratio with college loan. Don't forget to convert your answer to a percentage.

Make sure to include zeros and the period in your answer.

Round your answer to 2 decimal places. i.e. 20.12, 31.89, 10.02, 8.09, etc.

Do not include the "%" sign in your answer.

Question 3:

Kim Lee is trying to decide whether she can afford a loan she needs in order to go to chiropractic school. Right now Kim is living at home and works in a shoe store, earning a gross income of $3270 per month. Her employer deducts a total of $230 for taxes from her monthly pay. Kim also pays $100 on credit card debt each month. The loan she needs for chiropractic school will cost an additional $160 per month.

Calculate her debt payments-to-income ratio without college loan. Remember to convert your answer to a percentage!

Make sure to include zeros and the period in your answer.

Round your answer to 2 decimal places. i.e. 13.55, 21.89, 8.21, 10.99, etc.

Do not include the "%" sign in your response.