PLEASE DO WORK IN EXCEL:You are tasked with finding the annual salary and total cash...
80.2K
Verified Solution
Link Copied!
Question
Finance
PLEASE DO WORK IN EXCEL:You are tasked with finding the annual salary and total cash to close to afford the median home (price) in your chosen city under two different scenarios: 1) 97% LTV with PMI and 2) 80% LTV w/o PMI. Assumptions: Your interest rate is 7.5%, annual insurance cost is estimated at $1,500, annual taxes is estimated at 0.75% of the loan amount, PMI is estimated at 0.50% of loan ammount (annually), closing costs are estimated at 0.75% of loan amount. You have a student loan payment of $500/mo. The loan is assumed to be a fixed rate mortgage with a 30 year term, paid monthly.
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!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.