Business, 04.12.2020 08:20 lebronbangs8930

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? Answer options:

a. Luis is not eligible for a home loan; he should continue to save for a down payment.

b. Luis is eligible for a home loan, he meets the requirements

c. sorry i dont remember the rest of the options but they both c. and d. begin with "Luis is not eligible for a home loan, he should ..."

Please help & explain the right answer, thank you so much^^ 20 points!!

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 04:00

Which law would encourage more people to become homeowners but not encourage risky loans that could end in foreclosure? options: offering first time homebuyers tax-free accounts to save for down payments requiring all mortgages to be more affordable, interest-only loans outlawing home inspections and appraisals by mortgage companies limiting rent increases to less than 2% a year

Answers: 2

Answer

Business, 22.06.2019 12:40

Which of the following tasks would be a line cook's main responsibility? oa. frying french fries ob. chopping onions oc. taking inventory of stocked dry goods od. paying invoices

Answers: 2

Answer

Business, 22.06.2019 20:00

Experienced problem solvers always consider both the value and units of their answer to a problem. why?

Answers: 3

Answer

Business, 23.06.2019 10:30

Dan mcclure is trying to decide on how many copies of a book to purchase at the start of the upcoming selling season for his bookstore. the book retails at $28.00. the publisher sells the book to dan for $20.00. dan will dispose of all the unsold copies of the book at 75 percent off the retail price, at the end of the season. dan estimates that demand for this book during the season is normal with a mean of 100 and a standard deviation of 42. a. how many books should dan order to maximize his expected profit? b. given the order quantity in part a, what is dan's expected profit? c. the publisher's variable cost per book is $7.50. given the order quantity in part a, what is the publisher's expected profit?

Answers: 1

Answer

You know the right answer?

Luis wants to buy a home priced at $315,000. He plans to finance this amount less the down payment r...

Questions