What are the conservative estimates

Assignment Help Financial Management

Reference no: EM131301915

Go to calculators.aol.com/tools/aol/home01/tool. fcs and click "How much can I borrow?"

a. Input $3,000 wages, $500 in other income, $300 in auto loans, $100 for student loans, $125 for other loans, a desired interest rate of 9%, a 15-year loan term, a 5% down payment, no other debts, a $200 monthly credit card payment, $1,500 property tax, and $300 property insurance. What are the conservative estimates and aggressive estimates of what you can afford to borrow to finance the purchase of a home?

b. Now change the interest rate to 10%. What is the difference in monthly payments on the loan?

c. Now change the loan term to 30 years. What is the difference in monthly payments on the loan?

Reference no: EM131301915

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