Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. david has a credit score of 760 and he wants to ge

David has a credit score of 760 and he wants to get a mortgage to...

90.2K

Verified Solution

Question

Finance

image

David has a credit score of 760 and he wants to get a mortgage to buy a house. He can pay $2,300 each month. Before the pandemic, an average interest rate of a 30-year mortgage for borrowers with 760+ credit score was 3.5 percent per year. Right now, after the feds reduced interest rates in late February, an average interest rate for borrows with 760+ credit score is 2 percent per year. How much did this pandemic increase the price of the house David can afford to buy? Assume David did not lose his job and he still can afford the same monthly payment. Assume there is no inflation. Enter your answer without $ sign

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

human activity influence the extinction of the dodo bird OA Humans created climate change and...

General Management
1.2K views

n chapter four of the text, the authors present eight different topics that have been subject...

Accounting
1.2K views

Question UPDATED (3 parts) Waterways has two major public-park projects to provide with comprehensive irrigation in one...

Biology
1.2K views

In terms of speciation what is reinforcement O Allopatric conditions cause a single population to...

Physics
1.2K views

20mg of radioactive substance loses 8% of its mass every minute. Because the substance becomes...

Physics
1.2K views

An ionised gas contains both positive and negative ions If it is subjected simultaneously to...

Physics
1.2K views

As shown in the figure a cylindrical conductor has a length 2L It has inner...

Physics
1.2K views

1 A projectile is projected from ground such that 2 second before it reaches the...

Accounting
1.2K views

Which of the following is NOT true about bonus depreciation under the PATH ACT of...

Accounting
1.2K views

The tolerable deviation rate for a test of controls is generally: a. Lower than the...

Accounting
1.2K views

Astro Winter LLC makes snowplowing equipment. The company buys the engines from a 3rd party...

Finance
1.2K views

Jody is single and had a taxable income of 150,000 last year. Using the following...