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? a. 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.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “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 ...” in 📘 Mathematics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
For the number for the number 15 first write all the facts and then the factors
Answers (1)
The table shows the average weight of animals. How many more tons does a blue whale weigh than an African Elephant? (Hint: there are 2,000 pounds in one ton."
Answers (1)
Sandra buys tiles for her bathroom walls. Each tile is a square with sides 15cm. a. Calculate the area of one tile b. She wishes to cover an area of 108,900cm^2. How many tiles does she need? c.
Answers (1)
Bella is working on the world record for longest beaded necklace. She has 10,000 glass beads that have a diameter of 0.4 cm. If she strings these beads end to end, how long will her necklace be?
Answers (2)
James thinks that the commutative property of multiplication simplifies 4.8 x (0.5 x 2.95) to 2 x 4 x 2.95. Is James correct? Explain your reasoning.
Answers (1)
New Questions in Mathematics
A polling organization took a random sample of 3,000 middle school students to determine how many have a dog. Suppose that 57% of all middle school students have a dog.
Answers (1)
When Sally went bowling, her scores were 108, 72, and 95. If she bowls a 4th game, what will her score need to be to give her an average of 91?
Answers (1)
Tanya kicks a ball into the air. The function that models this scenario is f (t) = - 16t2 + 96t, where h is the height of the ball in feet and t is the time seconds. When will the ball hit the ground?
Answers (1)
Turunan dari f (x) = 3
Answers (1)
How to determine if an equation is a function?
Answers (1)