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Zinaida [17]
3 years ago
5

Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the

following situation. Use Exhibit 7-6, Exhibit 7-7. (Round your intermediate and final answers to the nearest whole dollar.)
Monthly gross income $ 3,200
Other debt (monthly payment) $ 185
30-year loan at 7 percent
Down payment to be made (percent of purchase price) 20 percent
Monthly estimate for property taxes and insurance $ 235
1. Affordable monthly mortgage payment $_____
2. Affordable mortgage amount $_____
3. Affordable home purchase $_____
Business
1 answer:
masya89 [10]3 years ago
5 0

Answer:

Affordable monthly mortgage payment $796

Affordable mortgage amount $119,699

Affordable home purchase price $149,625

Explanation:

1. Calculation for the Affordable monthly mortgage payment

Affordable monthly mortgage payment

=($3,200 x .38) – $185– $235= $751

Affordable monthly mortgage payment=$1,216-$185-$235

Affordable monthly mortgage payment=$796

2. Calculation for the Affordable mortgage amount

Using this formula

Affordable mortgage amount = Affordable payment/ Monthly mortgage factor *1,000

The monthly mortgage factor of a 30-year mortgage at 7% is 6.65.

Let plug in the formula

Hence,

Affordable mortgage amount

796/6.65 x 1000 =

Affordable mortgage amount=119.699×1000

Affordable mortgage amount=$119,699

3. Calculation for affordable home purchase price

Affordable mortgage amount=119.699×1000

Affordable mortgage amount=$119,699

3. Calculation for affordable home purchase price

Affordable home purchase price=119,699/ (1 - .20)

Affordable home purchase pr= $119,699/0.8

Affordable home purchase price=$149,625

Therefore:

Affordable monthly mortgage payment is $796

Affordable mortgage amount is $119,699

Affordable home purchase price is $149,625

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Zanzabum

<u>Production</u> refers to the manufacturing process that includes the transformation of raw materials resulting in finished products.

<h3>What is production?</h3>

It is the supply chain phase that includes all the processes related to the creation and elaboration of the product.

That is, it includes the operations necessary for the transformation of raw materials into products and their mass production.

Therefore, we can conclude that production refers to the manufacturing process that includes the transformation of raw materials resulting in finished products.

Learn more about supply chain stages here: brainly.com/question/878903

3 0
2 years ago
Scientists assign each kind of organism a universally accepted name in the system known as:.
Viefleur [7K]

Answer:

Binomial nomenclature.

Explanation:

What is Binomial nomenclature?

a system for giving each organism a two-word latin name that consists of the genus name followed by the specifies name taxonomy.

4 0
2 years ago
Read 2 more answers
7. You have saved $4,000 for a down payment on a new car. The largest monthly payment you can affort is $350. The loan will have
nordsb [41]

Answer:

$13,290.89  and $15,734.26

Explanation:

In this question we have to use the Present value function which is shown on the attachment below:

In the first case

Provided that

Future value = $0

Rate of interest = 12%  ÷ 12 months = 1%

NPER = 48 months

PMT = $350

The formula is shown below:

= PV(Rate;NPER;PMT;FV;type)

So, after solving this, the present value is $13,290.89

In the second case

Provided that

Future value = $0

Rate of interest = 12%  ÷ 12 months = 1%

NPER = 60 months

PMT = $350

The formula is shown below:

= PV(Rate;NPER;PMT;FV;type)

So, after solving this, the present value is $15,734.26

8 0
3 years ago
On October 15, 2018, Jon purchased and placed in service a used car. The purchase price was $25,000. This was the only business
Anika [276]

Answer: Total deduction= $2,528

Explanation:

25000*0.2*0.8=4,000  

Auto maximum = $3,160

Total deduction = 3,160*0.8

Total deduction= $2,528

5 0
3 years ago
Razor Inc. manufactures industrial components. One of its products used as a subcomponent in auto manufacturing is Fluoro2211. T
Neko [114]

Answer:

Total contribution margin= $1,884,180

Explanation:

Giving the following information:

Direct Materials 150

Direct Labor 28

Variable Manufacturing Overhead 25

Variable Selling 16

Sales in units= 10,130

Selling price= $420

Direct material cost= 150*1.1= $165

<u>First, we need to calculate the unitary contribution margin:</u>

Unitary contribution margin= selling price - total unitary variable cost

Unitary contribution margin= 420 - (28 + 25 + 16 + 165)

Unitary contribution margin= $186

<u>Now, the total contribution margin:</u>

Total contribution margin= 10,130*186

Total contribution margin= $1,884,180

3 0
3 years ago
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