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a. Input $3,000 wages, $500 in other income, $300 in auto loans, $100 for student loans, $125 for other loans, a desired interest rate of 9%, a 15-year loan term, a 5% down payment, no other debts, a $200 monthly credit card payment, $1,500 property tax, and $300 property insurance. What are the conservative estimates and aggressive estimates of what you can afford to borrow to finance the purchase of a home?

b. Now change the interest rate to 10%. What is the difference in monthly payments on the loan?

c. Now change the loan term to 30 years. What is the difference in monthly payments on the loan?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92056556

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