1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
kvv77 [185]
3 years ago
15

Upon graduating from UCI, you start a job in finance earning $72,000 per year and decide to buy a home. You can afford to pay no

more than $1,000 per month for the fixed monthly payments on a 30-year fixed-rate home loan (mortgage) and the current conventional 30-year fixed mortgage annual interest rate that you qualify to borrow at is 4%. What is the maximum size home loan you can afford? Please round your numerical answer to the nearest dollar.
Business
1 answer:
vovikov84 [41]3 years ago
6 0

Answer:

Maximum size of home loan than can afford is  $209,471

Explanation:

Rate of interest on borrowing = 4%

Per month rate (r) = 4% / 12 = 0.33%  

n = 30*12 = 360 months

Maximum size of home loan than can afford =

= $1000 * PVAF (0.33% , 360)

= $1000 * 209.47135

= $209471.35

= $209,471

Maximum size of home loan than can afford =  $209471

Note: Monthly payment * PVAF( r, n)

PVAF at (0.33% , 360)

PVAF = 209.47135

You might be interested in
In which economic system does the government own most of the factories, equipment, and agricultural lands?
Usimov [2.4K]
<span>In which economic system does the government own most of the factories, equipment, and agricultural lands? Communism. Communism is a type of economy, political, social and philosophical economy. In a communist society, each person works and contributes to society in best functional way they can but are paid according to their needs and what they are capable of. In a communist society, the government has control over just about everything.</span>
8 0
3 years ago
In the business world, you need this trait so you can stay ahead of the competition. independence risk-taking self-assurance con
lesya692 [45]

Answer:

oi

Explanation:

hi how are you feeling today

8 0
3 years ago
What type of account is recommended for unexpected expenses?
velikii [3]

Answer:

emergency fund

Explanation:

5 0
3 years ago
Nina is induced by her guardian Ollie to sign a contract to invest funds in Penny Stocks Inc. through Ollie’s investment firm. U
Lina20 [59]

Answer and Explanation:

Nina's guardian Ollie is putting an undue influence on Nine to sign a contract to invest funds in Penny Stocks Inc. In this way Ollie is getting benefit while exerting pressure on Nina. Nina has the option to cancel the contract on the basis of undue influence.

6 0
3 years ago
Green Caterpillar Garden Supplies Inc. just reported earnings after tax (also called net income) of $9,750,000, and a current st
astra-53 [7]

Answer:

a. $12.08 per share

Explanation:

For computing the next year stock we have to do the following calculations  

Current Earning per share  = Net Income ÷ Number of Common Shares Outstanding

= $9,750,000 ÷ 5,500,000 shares  

= $1.77

Current Price Earning ratio = Current stock price ÷  Current EPS

= $14.74 ÷ $1.77

= 8.33

Now Next year earning per share = $9,750,000 ×  1.25 ÷ 8,400,000 shares = $1.45

So, the next year stock price = $1.45 x 8.33

= $12.08 per share

3 0
3 years ago
Other questions:
  • Which of the following is NOT one of the characteristics of reward and incentive systems? They represent an effective control me
    11·1 answer
  • Which of the following describes what a computer programmer does?
    11·1 answer
  • If the commercial mortgages on the balance sheet of this bank decline in value then the value of the bank's equity will rise.a.
    8·1 answer
  • A company usually determines the amount of supplies used during a period by:
    8·1 answer
  • businessYou are a Slovak immigrant steelworker in Pennsylvania. What reasons would you have for joining a union? Describe your h
    10·1 answer
  • An increase in the money supply will have the greatest effect on real gross domestic product if
    14·1 answer
  • For a performance appraisal to be effective, it should do all of the following except: a. take place several times a year b. be
    14·1 answer
  • In countries with minimal corruption ________. the contribution of the private sector to the national GDP is negligible financia
    8·1 answer
  • Rachel must store a few pieces of her furniture for six months. A storage unit costs $55 for the first month and $47.50 for the
    13·1 answer
  • 1. Most financial crises in the United States have begun with A. a steep stock market decline. B. an increase in uncertainty res
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!