You are ready to buy a house, and you have $30,000 for a down payment...
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You are ready to buy a house, and you have $30,000 for a down payment and closing costs. Closing costs are estimated to be 3% of the loan value. You have an annual salary of $48,000, and the bank is willing to allow your monthly mortgage payment to be equal to 30% of your monthly income. The only choice is a 30-year fixed rate loan with a 6% interest rate. 1) How 2 much money will the bank loan you (the maximum)? (8points) 2) How much can you offer for the house (the maximum)? (8 points)
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