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Rom4ik [11]
3 years ago
7

You are ready to buy a house, and you have $20,000 for a down payment and closing costs. Closing costs are estimated to be 4% of

the loan value You have an annual salary of $36,000, and the bank is willing to allow your monthly mortgage payment to be equal to 28% of your monthly income. The interest rate on the loan is 6% per year with monthly compounding (.5% per month) for a 30-year fixed rate loan. How much can you offer for the house?
$140,105
$154,501
$160,105
$162,017
Mathematics
1 answer:
Viktor [21]3 years ago
8 0
$160,105
i think. we can offer the house in $160,105
but am not totally sure abt it
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