question archive Tobin and his wife, Joanne, both work and have a combined gross income of $120000 per year
Tobin and his wife, Joanne, both work and have a combined gross income of $120000 per year
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Tobin and his wife, Joanne, both work and have a combined gross income of $120000 per year. They estimate the property taxes on their condo will be $1600 and insurance would be about $1210 per year. Tobin takes the bus to work, but Joanne has a car payment of $250 per month, and they are both still paying off student loans for a combined total of $255 per month. Use this information to answer the questions below.
Express your answers rounded correctly to the nearest cent!
(i) Determine how much of a monthly mortgage Tobin and Joanne can afford. (Use the Total Expense Ratio from your class materials.)
Payment = $
(ii) If the couple can get a 25-year mortgage with a fixed rate of 8.55%, use Excel's PV function to determine how much house they could afford
Amount to Borrow = $
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