Carla Brown wants to know what price home

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Carla Brown wants to know what price home
(TCO 3) Carla Brown wants to know what price home she can afford. Her annual gross income …

 

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Carla Brown wants to know what price home

Carla Brown wants to know what price home

BUSN 380 Final Exam A+

(TCO 3) what price home she can afford. Her annual gross income is $45,000. She owes $1,050 per month on other debts and expects her property taxes and homeowners insurance to cost $250 per month. She knows she can get a 5.0%, 30-year mortgage, so her mortgage payment factor is 5.37. She expects to make a 20% down payment. What is Carla’s affordable home purchase price? Assume a lender will use a 38% monthly gross income guideline. Round your answer to the nearest $100. (Points : 10)

Lender assumes Carla can afford to spend 38% of her gross income for mortgage payment/ expenses:….