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Find the amount of x monthly payment

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Reference no: EM132502691

Mr. X bought a house for $293,000. He put 20% down and obtained a fully amortized monthly loan for the balance at 5.75% interest for 30 years.

a. Find the amount of X's monthly payment.

b. Find the total interest paid by X.

c. Compute an amortization table for this loan.

d. BONUS: Most lenders will approve a home loan only if the total of all the borrower's monthly payments, including the home loan payment, is no more than 38% of the borrower's monthly income. How much must Chris make in order to qualify for the loan

Reference no: EM132502691

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