Michael will attend college in 5 years. He anticipates he will need $19,000 to pay for the first year. He currently has $6,400 i
2 answers:
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Answer:
30 year fixed, 10% down at a fixed rate of 5%
Explanation:
given data
buying a townhouse = $276,650
savings = $28,000
earns a month = $4,475
solution
when here 10% down fix rate than cover for the down payment is
cover for the down payment = 10% of $276,650
cover for the down payment = $27,665
and here monthly income is $4,475
so mortgage will be = 30% of $4475
mortgage = $1,342.50
so by balance of mortgage is = $276,650 - $27,665
balance of mortgage = $248,985
so Total monthly repayment is
Total monthly repayment = $248,985 × +
Total monthly repayment = $1037.45 + $691.63
Total monthly repayment = $1729.08
so 30 year fixed, 10% down at a fixed rate of 5%