Logo
Home Study Material Contact Search
AI Chat FREE
  1. mathematics
  2. algebra
  3. smith's family, with total gross income of $144000

Smith's family, with total gross income of $144000 per year, wants to purchase a home....

50.1K

Verified Solution

Question

Algebra

image

Smith's family, with total gross income of $144000 per year, wants to purchase a home. If %33 of their income goes to monthly payment and the interest rate is 3% compounded monthly, how much mortgage do they qualify for 30 yearsamortizations?a. $939269.95b. $849212.78c. $800300.69d. $889260.55e. $913591.26

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

Chemistry
1.2K views

A protonated histidine residue in the active site of aspartate transcarbamoylase, ATCase, is thought to be...

Operations Management
1.2K views

Consider this scenario: You are employed as a Business Analyst for a large logistics corporation. Your...

Physics
1.2K views

When a body moves with a constant speed alon a circle 1 no acceleration is...

Basic Math
1.2K views

cal Engineers A and B studied the effect of temperature and stirring rate on the...

Basic Math
1.2K views

A total of 519 tickets were sold for the school play. They were either adult...

Basic Math
1.2K views

Consider the following pair of parametric equations: x(t) =(1/2)t, y(t)= 2^ta. If the domain of...

Accounting
1.2K views

Babson Corporation specializes in the construction of commercial and industrial buildings. On April 5, 201,...

Accounting
1.2K views

Dividend Yield Calculate the dividend yield for Evans \& Sons for each year. Did the...

Accounting
1.2K views

Please show your work to ensure accuracy! Thank you The following amortization and interest schedule...

Accounting
1.2K views

In December 2021, Jill incurred a $50,000 loss on the sale of Crown Corporation stock...

Accounting
1.2K views

You were offered either a simple interest note or a simple discount note with the...

Accounting
1.2K views

Aisha calculated the area of a piece of paper to be 50.27cm^(2). The actual area...