Seth and alexandra moore of elk grove village, illinois have an annual income of $110,000 and want to buy a home. currently, mortgage rates are 5.0 percent. the moores want to take out a mortgage for 30 years. real estate taxes are estimated to be $4,800 per year for homes similar to what they would like to buy, and homeowner's insurance would be about $1,500 per year. a) using a 28 percent front-end ratio, what are the total annual and monthly expenditures for which they would qualify? b) using a 36 percent back-end ratio, what monthly mortgage payment (including taxes and insurance) could they afford given that they have an automobile loan payment of $470, a student loan payment of $350, and credit card payments of $250? (hint: subtract these amounts from the total monthly affordable payments for their income to determine the amount left over to spend on a mortgage.)

The monthly payment m of a loan of amount p for y years with an interest rate r can be calculated by the formula: m = p(r/12) 1 â’ (1 + r/12)â’12y calculate the monthly payment and the cummulative total payment for a $100,000 loan with an interest rate of 4.85% if taken out for 10 years, for 11 years, etc., up to a 30 year term. display the results in a three-column table where the first column is the number of years, the second is the monthly payment, and the third is the cummulative total payment. note: use format bank; for this problem. also, remember to represent the interest rate as a decimal (e. g. 0.0485) 2. a torus-shaped water tube is designed to have a volume of 8, 000in3 . the volume of the tube, v , and its surface area, s, are given by: v = 1 4 ď€ 2 (a + b)(b â’ a) 2 s = ď€ 2 (b 2 â’ a 2 ) if a = kb, determine s, a, and b for k = 0.2, 0.3, 0.7. display the results in a table

If you miss two payments on a credit card what is generally the penalty

How are interest rates calculated by financial institutions? financial institutions generally calculate interest as (1) interest or (.