What is duane affordable home purchase price

Assignment Help Financial Accounting

Reference no: EM132807867

Problem 1: Duane Miller wants to know what price home he can afford. His annual gross income is $54,000. He has no other debt expenses and expects property taxes and insurance to cost $400 per month. He knows he can get a 11.00%, 15 year mortgage so his mortgage payment factor is 11.37. He expects to make a 15% down payment. What is Duane's affordable home purchase price? (Round your answer to the nearest whole dollar.)

Multiple Choice

Option 1: $91,681

Option 2: $112,267

Option 3: $133,139

Option 4: $162,613

Option 5: $61,403

Reference no: EM132807867

Questions Cloud

What are some common workplace hazards : What are some common workplace hazards? Find a peer-reviewed article to accompany.

Calculate the amortization expense of the entity : Calculate the amortization expense of the entity. As some materials could be recycled, it is believed that its residual value will be $5,000 in 5 years

How to complete redundancy process fairly and effectively : Give reasoned advice to an organisation which needs to reduce its workforce by 200 staff, on how to complete the redundancy process fairly and effectively.

Ethical principles and decision making frameworks : Describe an ethical conflict you might anticipate having or one you have had in the past? And could imagine working through it?

What is duane affordable home purchase price : 15 year mortgage so his mortgage payment factor is 11.37. He expects to make a 15% down payment. What is Duane's affordable home purchase price?

Examine the two profit-sharing plans : Which do you think will be most effective, and why do you think so? What additional information would be useful in order to draw firm conclusions?

Suggest about the motivation of hotel worker : Tony works in Big Star, a city hotel. He is a full- time employee and has been working there for the last three years.

What is michelle affordable home purchase price : What is Michelle's affordable home purchase price? Michelle Duncan wants to know what price home she can afford. Her annual gross income is $48,000.

Impact of some of the key environmental variables : Discuss the impact of some of the Key Environmental variables that you see changing in the business world today have on HRM function in organizations?

User Account

All Pages