SSS I’m pretty sure . I’m doing the same thing in math rn
2 3/8 / 1 1/4
= 19/8 / 5/4
=19/8 * 4/5
= 19/10
answer is B 19/10
. Let me do my best.
<span>$187,500 is cost of house. </span>
<span>20%, or $37,500 is the down payment. </span>
<span>The loan amount would be $187,500 - $37,500 = $150,000. </span>
<span>If we assume the annual rate of the loan is 4.65% </span>
<span>Then the monthly rate would be 4.65%/12 = 0.3875% </span>
<span>If the loan is $150,000, the interest is 0.3875% </span>
<span>The interst for the first month is $150,000 * 0.3875% = $581.25. </span>
<span>You stated that their payment is $1,575. </span>
<span>So the amount that pays off the loan is $1,575 - $581.25 = $993.75. </span>
<span>At the end of the month, they owe $150,000 - $993.75 = $149,006.25 </span>
<span>For the second month, the amount of the payment that goes towards interst is </span>
<span>$149,006.25 * 0.3875% = $577.40. and the amount that goes towards the loan is $997.60. </span>
<span>At the end of the second month they owe $148,008.65. </span>
<span>Regarding 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 the math is : $1,575 = 0.28*Gross. </span>
<span>Gross = $5,625 monthly. </span>
<span>About $67,500 annually. </span>
<span>About $33.75 an hour.</span>
