Reference no: EM132917083
Question - Bryce has a high paying job and has determined he could afford up to $2800 per month Wants a sweet home to reward all his hard work; his dream home costs $550,000
Has been sloppy in the past with his bill pay, leading to a credit score of 650, so the best rate he can get is 4.69% for 30 years fixed
Is willing to contribute $75,000 to his down payment
How much, per month, is Bryce short on the mortgage payments for his dream home?
How much would Bryce's down payment need to be if he wanted to get his monthly payments down to $2,500 or slightly under?
Using this strategy, how much total interest would he pay over the course of the loan?
Unfortunately, Bryce doesn't have enough money to allocate towards such a huge down payment, so he decides to put in his original $75,000 down payment. Besides, Bryce is worried his credit score is a bigger problem, so he asks the bank how improving his score would impact his loan application. They provide this chart:
760-850=3.649%
700-759+=3.871%
680-699=4.047%
660-679=4.261
640-659=4.69
620-639=5.235%
If Bryce could raise his credit score into the 660-679 range and keep the $75,000 down payment, could he afford his dream house?
Using this strategy, how much total interest would he pay over the course of the loan?
What do you think Bryce should do?
|
Ideas and proposed media strategies of peers
: The campaign included original music, a strong traditional media presence, and the addition of social media.
|
|
Explain the expectancy theory model
: Diagrammatically depict and explain the Expectancy Theory Model, along with the practical features of the theory.
|
|
Primary disclosures in the financial statements
: 1.what are the primary Disclosures in the financial statements of lessee
|
|
Case study-kodak
: Analyse external environment for the company using strategic tools (ex: pestel)?
|
|
How much would Bryce down payment need to be
: How much would Bryce's down payment need to be if he wanted to get his monthly payments down to $2,500 or slightly under
|
|
What is effective personal swot analysis during pandemic
: What is effective personal swot analysis during pandemic?
|
|
Descriptions of management from a generic perspective
: We're looking at descriptions of management from a generic perspective and then from the perspective of fire departments and law enforcement agencies.
|
|
Improve the business performance of servis industries limite
: Servis Industries Limited is a Pakistani public limited company that is based in Lahore, Pakistan. The company's factories are located in the Pakistani cities o
|
|
Determine the Paid-in capital in excess of Par
: Common stock, P10 par, authorized 300,000 shares; 250,000 shares issued and outstanding P2,500,000. Determine the Paid-in capital in excess of Par
|