Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. first, 1+0.0053 =1.0053 so it will be (1-(1.0053)

First, 1+0.0053 =1.0053 So it will be (1-(1.0053) 360 (exponent) / (divided by) 0.0053 My...

90.2K

Verified Solution

Question

Finance

image

First, 1+0.0053 =1.0053

So it will be (1-(1.0053) 360 (exponent) / (divided by) 0.0053

My question is ? What is the next step after that? Can you please simplify as much as possible step by step thanks!!!

SOLUTION Annual income S55,500 S55,500 x .36 S19,980 in Debt payments allowed S19,980/12- S1665 max monthly debt Payments allowed. S418 S238 S656 other monthly debt. Monthly Debt allowed for home mortgage payment: $1665 - S656 S1009 per month Using the Present Value formula 7 Where Payment C S1009 per month i- monthly interest 0636/12- 0.005.3 n-360 periods (30 years x 12 months) $1009 (1-(1+0.0053)300 PV- S161,987 Therefore, the maximum Mortgage is S161,987 0.0053

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