(Answered) Calculate Johns front end and back end ratios

Management Studies

Problem: Mr. John wants to purchase $180,000 home and is planning to make a $18,000 down payment. The period is 30 years at 6.5%. His income is $65,000 and he has the following monthly expenses;

Insurance $80
Property tax $170
PMI $105
Auto payments $350
Credit card $250
Utility, monthly $375

Required:

Question 1: Calculate Johns front end and back end ratios

Question 2: How much is the LTV?

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Operation Management, Management Studies

Category:- Operation Management
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