What is the highest price house can afford

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Reference no: EM132750843

Mortgage Loan

Problem 1: Assume you are planning on spending a certain amount of income towards a mortgage. The terms of the mortgage are 1.85% APR for 30 years. You plan on spending 32% of your monthly gross income towards your mortgage. Make sure to show at least 1 sample formula that you used in Excel to get the house price.

Problem 2: If you spend 32% of your monthly salary towards a house, what is the highest price house you can afford?

Problem 3: What is the highest priced house a high school graduate can afford?

Problem 4: Use an absolute or relative change statement to compare the house prices of the high school graduate and your house.

Reference no: EM132750843

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