Mathematics, 02.04.2021 04:30 calhountoiyonou0gjb

A couple found a house selling for $112 comma 500 .
The taxes on the house are $1200

per year, and insurance is $320

per year. They are requesting a conventional loan from the local bank. The bank is currently requiring a 15% down payment and 3 points, and the interest rate is 10%. The couple's gross monthly income is $4950
.
They have more than 10 monthly payments remaining on a car, a boat, and furniture. The total monthly payments for these items is $430
.
Their bank will approve a loan that has a total monthly mortgage payment of principal, interest, property taxes, and homeowners' insurance that is less than or equal to 28% of their adjusted monthly income. Complete parts a) through g) below.
a) Determine the required down payment.
The required down payment is $nothing
.

Answers: 1

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A couple found a house selling for $112 comma 500 .
The taxes on the house are $1200
...

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