6. Genesus wants to buy a car. Her monthly income is $800, and she already has a credit card payment of $50 per month. Based on the debt to income ratio formula, how much in additional (extra) monthly payments can she afford?
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- 6. Genesus wants to buy a car. Her monthly income is $800, and she already has a credit card payment of $50 per month. Based on the debt to income ratio formula, how much in additional (extra) monthly payments can she afford?6. Nita is preparing to go on a trip and determined she needs to bring $ 7,600. How much must she borrow for a simple discount note at 6.5% for 90 days?K is 3 (Annuity payments) Prof. Finance is thinking about trading cars. She estimates she will still have to borrow $24,000 to pay for her new car. How large will Prof. Finance's monthly car loan payment be if she can get a 8-year (96 equal monthly payments) car loan from the VTech Credit Union at 9.3 percent APR? Use five decimal places for the monthly percentage rate in your calculations. The monthly payment of Prof. Finance will be $. (Round to the nearest cent.) View an example @ 2 3² 72 W S X command 3 Get more help. 80 F3 E D $ 4 C 888 F4 R F % R 5 V 22 FS T G 6 MacBook Air F4 Y B & v po H 44 $7 U N * 8 J D--11 ( Points: 0 of 9 M K DE 19 MOSISO O 1 0 L 9. FIO Clear all P > command www. ; { Check answer 10 # ? 912 option . I } delete 1
- K Wei-Jen needs to borrow $5000. She can borrow from a finance company at 6.90% add-on interest for 4 years. Or she can borrow from a credit union (48 monthly payments of $134.14 each.) Find each APR and determine the better choice. 10.0 APR 10.5 APR 11.0 APR 11.5 APR 12.0 APR # of monthly payments (n) 24 36 48 60 10.75 16.16 21.74 27.48 11.30 17.01 22.90 28.96 11.86 17.86 24.06 30.45 12.42 18.71 25.23 31.96 Use the table to find the APR for the finance company loan.% (Round to the nearest half percent.) Use the table to find the APR for the credit union loan. % (Round to the nearest half percent.) Which is the better choice? 12.98 19.57 26.40 33.47 12.5 APR 13.54 20.43 27.58 34.99 13.0 APR 14.10 21.30 28.77 36.52Suppose a family has a gross annual income of $43,200. a. What is the maximum amount the family should spend each month on a mortgage payment? b. What is the maximum amount the family should spend each month for total credit obligations? c. If the family's monthly mortgage payment is 80%of the maximum they can afford, what is the maximum amount they should spend each month for all other debt?Heather borrowed $4700 on her credit card to purchase new furniture. Find the monthly interest charges, which are 1.8% per month on the unpaid balance. Find the interest charges if she moves the debt to a credit card charging 0.7% per month on the unpaid balance. What are the interest charges at 1.8% a month? What are the interest charges at 0.7% a month? What are the savings that using the 0.7% card brings over the 1.8% card?
- Steve has maxed out his credit card and owes $22,000. The annual interest on his credit card is 18.25%. a. The minimum payment for some credit cards is 2% of what you owe. What is Steve’s minimum payment? b. Suppose Steve continues to pay the amount found in part a, how long until he has paid off her credit card dept? Assume he doesn’t charge anything else. c. What is the total amount he spent to cover the $22,000 debt? d. Suppose Steve decides to pay $750 per month, how long until he pays off the credit card? e. How much does she save by paying $750 a month? f. Suppose Steve is getting married in 25 months, what should he pay every month to clear hiscredit card debt by the time he is married?Chloe Young is evaluating her debt safety ratio. Her monthly take-home pay is $3,320. Each month, she pays $380 for an auto loan, $120 ona personal line of credit, $60 on a department store charge card, and $85 on her bank credit card. Complete Worksheet 6.1 by listing Chloe’s outstanding debts, and then calculate her debt safety ratio. Given her current take-home pay, what is the maximum amount of monthly debtpayments that Chloe can have if she wants her debt safety ratio to be 12.5 percent? Given her current monthly debt payment load, what would Chloe’s take-home pay have to be if she wanted a 12.5 percent debt safety ratio?Karen has a QuikTrip credit card. The card has a balance of $988.62 with an APR of 28.75%. The QuikTrip expects the minimum payment to be 4.1% of the balance. What is Karen’s minimum payment? How long will it take Karen to pay off her QuikTrip credit card? How much interest will Karen pay if she only pays the minimum payment? Show steps
- Yusra has a term loan that she still owes $15,483.58. The annual interest rate on this loan is 3.97%. This month she is making payment 33. Her monthly payment is $434.59. How much will her balance be after she makes this month's payment? Round your answer to the nearest penny. Do no input the dollar sign. Only input the number. Do not use a comma. Example: 5698.36Jill wants to buy a home. Her monthly gross income (GI) is $7,000. She currently has a car payment of $480/month. The bank wants her to escrow $450/month for taxes (T) and insurance (HI). The bank requires the following income and loan ratios; a minimum down payment of 20%, a P&I as a percent of GI ratio < 25%, a P, I, T, & HI as a percent of GI ratio < 28%, a P, I, T, HI and other debt service as a percent of GI ratio < 36%, and a LTV ratio of 80% or less. What is the maximum market value of a home that Jill could purchase given a current market rate on a 30-year fixed rate loan is 4.75%?Suppose you have graduated from college and want to purchase a house. Your take-home pay is $4560 per month and you wish to stay within the recommended guidelines for mortgage amounts by only spending 14 of your take-home pay on a house payment. You have $18,500 saved for a down payment. With your good credit and the down payment you can get an APR from your bank of 4.35%, compounded monthly.a. What is the total cost of a house you could afford with a 15-year mortgage?b. What is the most that you could afford with a traditional 30-year mortgage instead of a 15-year?