Chris Columbus bought a house for P 35,000. He put 20% down and obtained a...
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Finance
- Chris Columbus bought a house for P 35,000. He put 20% down and obtained a simple interest amortized loan for the balance at 5% annual interest for 5 years.
a. Find the amount of Chriss bimonthly payment. (2 points)
b. Find the total repayment of principal on the 4th payment. (3 points)
c. Most lenders will approve a home loan only if the total of all the borrowers monthly payments, including the home loan payment, is no more than 30% of the borrowers monthly income. How much must Chris make in order to qualify for the loan? (5 points)
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