What is michelle affordable home purchase price

Assignment Help Finance Basics
Reference no: EM13274273

Carla Brown wants to know what price home she can afford. Her annual gross income is $45,000. She owes $1,050 per month on other debts and expects her property taxes and homeowners insurance to cost $250 per month. She knows she can get a 5.0%, 30-year mortgage, so her mortgage payment factor is 5.37. She expects to make a 20% down payment. What is Michelle's affordable home purchase price? Assume a lender will use a 38% monthly gross income guideline.

Reference no: EM13274273

Questions Cloud

Estimate the speed of the bullet : A 12 g bullet is fired horizontally into a 96 g wooden block initially at rest on a horizontal surface. estimate the speed of the bullet
At what price will you receive a margin call : You buy 600 shares of stock at a price of $86 and an initial margin of 75 percent. If the maintenance margin is 40 percent, at what price will you receive a margin call?
Explain how many moles of solute are present in solutions : How many moles of solute are present in each of the following solutions. (a) 145mL of 0.25M NaHCO3 (b) 631.0mL of 2.25M H2SO4
Find quasi-fermi levels for injected carrier concentration : Assuming the material is GaAs, calculate the Quasi-Fermi levels if the injected carrier concentration is 2x1018 cm-3.You can use the effective mass approximation and consider only the heavy hole in the valence band.
What is michelle affordable home purchase price : She expects to make a 20% down payment. What is Michelle's affordable home purchase price? Assume a lender will use a 38% monthly gross income guideline.
Use the npv technique and irr method to evaluate project : Net working capital will increase at a rate of $3,000,000 per year over the life of the project. Ridgewood has a 35 percent tax rate and a required rate of return of 9 percent. Use the NPV technique and IRR method to evaluate this project.
Find the net change in the internal energy of gas in piston : An ideal gas in a piston is placed in a refrigerator, which removes 686 J of energy from the gas via cooling. find the net change in the internal energy of the gas in the piston
Find range of core thickness such that waveguide supports : For a symmetric dielectric slab waveguide with the following parameters: n2 (core)=1.7, n1 (cladding) = 1.6 Calculate the range of core thickness such that the waveguide supports TE0/TM0 and TE1/TM1 modes but not TE2 modes.
Determine the resistance of the fluid in this axon : Some human nerve cells have a long, thin cylindrical cable (the axon) from their inputs to their outputs. Determine the resistance of the fluid in this axon

Reviews

Write a Review

Finance Basics Questions & Answers

  What is the amount of the monthly payment

You just found your dream car. The car will cost you $36,800. The dealer will lend you the entire amount at 3.9 percent interest, compounded monthly, for 48 months. What is the amount of the monthly payment?

  Question on currency

One function of foreign exchange market is to convert the currency of one country in the currency of another. A second function of foreign exchange market is to offer insurance against foreign exchange risk.

  Find the cost of newly issued common stock

Paramount, Corporation just paid a dividend of $2.05 per share, and the firm is expected to experience constant growth of 12.50 percent over the foreseeable future.

  What is the market to book ratio of each company

In Mid 2012, the following information was true about abercrombie and fitch (ANF) and The GAP (GPS), both clothing retailers. Values(except price per share) are in millions of dollars.

  Benefits of insurance and portfolio approach

When is insurance beneficial? Is Insurance ever not beneficial? Explain your answer. Why is the portfolio approach an effective tool to manage risk? Explain your answer.

  What is the correlation coefficient between the returns

The covariance of the returns between Willow Stock and sky diamond stock is 0.0750. The variance of Willow is 0.1180, and the variance of Sky DIamond is 0.1380. What is the correlation coefficient between the returns of the two stocks?

  Calculate market value of outstanding preferred stock

Jones Design wants to estimate the value of its outstanding preferred stock. The preferred stock issue has an $80 par value and pays an yearly dividend of $6.40 per share.

  Triple your money at 14% compounded monthly

How many years will it take to triple your money at 14% compounded monthly?

  Determine the investment

Ace purchases 40% of Baskett Corporation on January 1 for $500,000. Although not used, this acquisition gave Ace the ability to apply significant influence to the operating and financing policies of Baskett.

  Derive consumers demand functions

Let the competitive equilibrium prices be p1 and p2 respectively and derive both consumers' demand functions for both goods.

  Reducing the variable cost

A linoleum producer has fixed expense of $70,000. Its product currently sells for $4 per unit and has a variable expense of $2.60 each unit.

  What was the exchange rate after 20 percent devaluation

Evaluate why the value of the TRY was different from the 20% devaluation sought by the government.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd