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Makovka662 [10]
3 years ago
14

A buyer is considering a house with a piti of $2,900/month, what must his/her annual income be to qualify if the lender uses a h

ousing expense ratio of 29%? $10,000 $100,000 $120,000 there is insufficient information to answer the question
Business
1 answer:
kogti [31]3 years ago
3 0

So you would need to set up a formula for this. 2,900 = .29(x)

Basically, 2,900 is 29% of what number.

To isolate x, divide both sides by .29 = 10,000

So the buyer would need to make 10,000 per month to qualify for the 29% rule. So their annual income would need to be 120,000

You might be interested in
Why wont a bussiness charge 500 for a table that they can make for 100
lys-0071 [83]

Answer:

I am not a business student but I think this is common sense.

Yes most business people do that because they have to make sales, they pay taxes, buy raw materials, time wastage, fatigue, health related issues ,care for their family and would not want to go broke so I think that's most of it.

Hope I helped

3 0
3 years ago
On January 1, 2019, the general ledger of Global Corporation included supplies of $1,300. During 2019, supplies purchased amount
Stolb23 [73]

Answer:

the  supplies expense for the year 2019 is $5,400

Explanation:

The computation of the supplies expense for the year 2019 is as follows:

Supplies Expense = Opening balance of Office supplies + Purchase of supplies during the year - ending balance of Office supplies

= $1,300 + $5,600 - $1,500

= $5,400

Hence, the  supplies expense for the year 2019 is $5,400

We simply applied the above formula so that the correct value could come

And, the same is to be considered

3 0
3 years ago
Fuente, Inc., has identified an investment project with the following cash flows. Year Cash Flow 1 $ 1,070 2 1,300 3 1,520 4 2,2
Leni [432]

Answer:

Total FV= $6,765.82

Explanation:

Giving the following information:

Year Cash Flow 1 $ 1,070 2 1,300 3 1,520 4 2,260

Discount rate= 8%

<u>To calculate the total future value, we need to use the following formula on each cash flow:</u>

FV= Cf*(1 + i)^n

FV1= 1,070*(1.08^3)= 1,347.9

FV2= 1,300*(1.08^2)= 1,516.32

FV3= 1,520*1.08= 1,641.6

FV4= 2,260

Total FV= $6,765.82

5 0
3 years ago
What do we mean when we talk about the "milky way" in our sky?
vivado [14]

The milky way is a galaxy and got its name due to its attributes by looking like spilled milk across a pitch black sky. If this helped, plz mark as brainliest and good luck!

7 0
4 years ago
The production possibilities curves suggest that rev: 09_17_2020_QC_CS-228777 Multiple Choice West Mudville should specialize in
ratelena [41]

Answer: West Mudville should specialize in, and export, baseball bats.

Explanation:

Each country should specialize in the good that it has a lower opportunity cost in producing.

West Mudville

Opportunity cost of producing baseball bats = 9/9 = 1 baseball

Opportunity cost of producing baseball = 9/9 = 1 baseball bat

East Mudville

Opportunity cost of producing baseball bats = 8/4 = 2 baseballs

Opportunity cost of producing baseball = 4/8 = 0.5 baseball bats

From the above, West Mudville has a lower opportunity cost than East Mudville in the production of baseball bats and so it should specialize in and export that.

3 0
3 years ago
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