Luis wants to buy a home priced at $315,000. He plans to finance this amount less the down payment required. His mortgage payment would then be $2100. Luis has an annual income of $91,500 and $65,000 in savings. Luis has a
car payment of $370, a student loan payment of $165 and a credit card payment of $45. Use a 20% down payment
and the 28/36 ratio to determine if Luis is eligible for a loan. What would you advise him to do if he is not eligible?
Luis is eligible for a home loan; he meets all of the requirements.
b Luis is not eligible for a home loan, he should continue to save for a down payment.
C Luis is not eligible for a loan, he should look for a cheaper house,
d Luis is not eligible for a loan, he should reduce his recurring debt.
a
Please select the best answer from the choices provided

9514 1404 393

  A.  Luis is eligible for a home loan; he meets all of the requirements.

Step-by-step explanation:

Luis's monthly income is $91,500/12 = $7625. The loan payment as a percentage of this income is ...

  $2100/$7625 ≈ 27.54%

This amount is less than 28%, so Luis qualifies according to the first criterion.

__

The total of Luis's monthly debt payments with the loan will be ...

  $2100 +370 +165 +45 = $2680

As a percentage of his monthly income, this is ...

  $2680/$7625 = 35.15%

This amount is less than 36%, so Luis qualifies according to the second criterion.

Luis is eligible for a home loan; he meets all of the requirements.

step-by-step explanation:

there is a formula i can give you:

it is r^2*n*sin(360/n) divided by 2 where r represents the "radius" and n is the number of sides.

plug them in:

(10sqrt(3))^2*6*sin(360/6) divided by 2

100*3*6*sin(60) divided by 2

900*sin(60)

900*sqrt(3)/2

450*sqrt(3)

approx is 779.4 cm^2