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How expensive a house can you afford to buy

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Problem 1 - How much is paid monthly to settle a liability of P10,000 for the purchase of merchandise. The seller charges 6% interest compounded monthly for 1 year, and the payments are made at the end of the month. Journalize the purchase of merchandise, and the last monthly payment made.

Problem 2 - Caesar incurred a debt of P10,000 for which a note was issued . It is amortized by making equal payments at the end of every six (6) months for three (3) years. If interest is 6% compounded semi-annually:

a) what is the amount to be paid every end of six (6) months?

b) Construct an amortization schedule.

c) How much is the interest paid on the 3rd payment?

d) How much is the total interest paid for the debt?

e) Journalize the payment made on the 4th payment period.

Problem 3 - You and two friends are considering buying a house in Pasay City, to live here together after you graduate. You can get a 15-year fixed-rate mortgage with a mortgage rate of 5% if you make a 20% down payment on the house. You will split the monthly mortgage payment equally among the three of you. Each of the three of you can afford to contribute up to P1,000 per month towards the mortgage payment. You each have P10,000 available towards the down payment. How expensive a house can you afford to buy?

Reference no: EM133019617

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