question archive Ney bought a land for SA293,000
Ney bought a land for SA293,000
Subject:FinancePrice: Bought3
Ney bought a land for SA293,000. He put 20% down and obtained a simple
interest amortized loan for the balance at 5.375% annually interest for 30 years. I just want answer of b. A.Create amortized table identify monthly payment, principal and ending balance. B. Most banks will approve a land loan only if the total of all the borrower's monthly payments, including the land loan payment, is no more than 38% of the borrower's monthly income. If you know that Ney does not have a loan responsibly in the giving time so how much must Ney make in order to qualify for the loan?
