You are ready to buy a house and you have 50000 for a down, Ask an Expert

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You are ready to buy a house and you have $50,000 for a down payment and closing costs. Closing costs are estimated to be 3.5% of the loan value. You have an annual salary of $120,000. The bank is willing to allow your monthly mortgage payment to be equal to 28% of your monthly income. The interest rate on the loan is 6% per year with monthly compounding (.5% per month) for a 30-year fixed rate loan.

How much money will the bank loan you?

How much can you offer for the house?

Create a loan amortization table in Excel and submit the spreadsheet.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92692722

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