your parents are buying a house for 187 500 they have a good credit rating are making a 20% down payment and expect to pay $1,57
5/month the interest rate for the mortgage is 4.65% what must their realized income be before each month and how much interest is paid by the end of the second month
For the answer to the question above, $187,500 is a cost of a house. 20%, or $37,500 is the down payment. The loan amount would be $187,500 - $37,500 = $150,000. If we assume the annual rate of the loan is 4.65% Then the monthly rate would be 4.65%/12 = 0.3875% If the loan is $150,000, the interest is 0.3875% The interest for the first month is $150,000 * 0.3875% = $581.25. You stated that their payment is $1,575. So the amount that pays off the loan is $1,575 - $581.25 = $993.75. At the end of the month, they owe $150,000 - $993.75 = $149,006.25 and for the second month, the amount of the payment that goes towards interest is $149,006.25 * 0.3875% = $577.40. and the amount that goes towards the loan is $997.60.
At the end of the second month, they owe $148,008.65. Regarding they realized income, we recommend a monthly loan payment not to exceed 28% of the monthly income. So if a payment of $1,575 is 28% of Gross, Then it must be : $1,575 = 0.28*Gross. Gross = $5,625 monthly. About $67,500 annually. About $33.75 an hour.
Add the numbers together and divide by the number of numbers. (The sum of values divided by the number of values). Arrange the numbers in order, find the middle number. (The middle value when the values are ranked).
