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?
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.
a
Please select the best answer from the choices provided

Answers

Answer 1

9514 1404 393

Answer:

  A.  Luis is eligible for a home loan; he meets all of the requirements.

Step-by-step explanation:

Luis's monthly income is $91,500/12 = $7625. The loan payment as a percentage of this income is ...

  $2100/$7625 ≈ 27.54%

This amount is less than 28%, so Luis qualifies according to the first criterion.

__

The total of Luis's monthly debt payments with the loan will be ...

  $2100 +370 +165 +45 = $2680

As a percentage of his monthly income, this is ...

  $2680/$7625 = 35.15%

This amount is less than 36%, so Luis qualifies according to the second criterion.

Luis is eligible for a home loan; he meets all of the requirements.

Answer 2

Luis is eligible for a home loan; he meets all of the requirements.

What is Down Payment?

Down payment is the amount which has to be paid at the beginning of a transaction while buying a house or a car.

Given that,

Price of home = $315,000.

Down payment = 20% × 315,000 = $63,000

Amount need to finance = $315,000 - $63,000 = $252,000

Monthly income = $91,500 / 12 = $7625

Mortgage payment = $2100

Percentage = 2100/7625 = 27.54%

Total monthly expense = $370 + $165 + $45 + $2100 = $2680

Percentage = 2680 / 7625 = 35.15%

This follows 28/36 ratio.

So he is eligible for a home loan.

Hence the correct option is A.

Learn more about Loan here :

https://brainly.com/question/31292605

#SPJ7


Related Questions

Consider these functions:
f(x)=3x - 7
g(t)=1+1
What is the value of f(g(3))?
A.-1

B.0

C.3

D. 5

Answers

Answer:

A(-1)

Step-by-step explanation:

First, we will replace any x in g(x) with 3

g(x)=(3+1)/(3-1)=4/2=2

Thwn replace any x in f(x) with 2

f(x)=3(2)-7=6-7=-1 ⇒A

hope this helps

3x-y=6
-4x+2y=-8 solve using substitution method

Answers

Answer:

x=  3y+2

Step-by-step explanation:

To join a video rental club, a member pays an initial fee plus an additional monthly cost. The equation below describes the relationship between x, the number of months a member rents videos, and y, the total cost in dollars.

y=15+20x

What is the meaning of the rate of change for the equation?

A.
It means the cost per month is $15.


B.
It means the initial fee is $20.


C.
It means the cost per month is $20.


D.
It means the initial fee is $15.

Answers

The answer is c because there asking for the rate of change which is $20 per month

Solve the equation 2 + 4.7 = -9.3.

Answers

Answer: positive then greater than

Step-by-step explanation:

2 + 4.7 = 6.7
Therefore, the it is a positive number that is greater than -9.3.

Find two points that would be used to graph the equation y=-2x+5

Answers

Answer:

(2,1)(-2,9)

Step-by-step explanation:

all my points! PLZ help me on this and explain ur answer plzz

Answers

It’s already answered in the other post and sorry if I didn’t answer in this post

A group of mountain climbers begin an expedition with 250 pounds of food. They plan to eat a to eat a total of 12 pounds of food per day. Write and solve a linear equation to find the number of days their food will last.

Answers

Answer:

y=-12x+250

Step-by-step explanation:

ggjhdtdffff

The Texas rangers team manager receives a delivery of 4 boxes of baseballs each box contains 50 basesballs the texas rangers team maneger examines all the baseballs and finds that 8 of them are defective based on these results what can the Texas rangers team manage A a delivery of 5 boxes will contain 14 defective baseballs B A delivery of 6 boxes will contain 16 defective baseballs C A delivery of 7 boxes will contain 14 defective baseballs D A delivery of 8 boxes will contain 8 defective baseballs

Answers

Answer:

B

Step-by-step explanation:

For each box, there is 1 defective lightbulb. Therefore, a delivery of 4 boxes will have 4 defective lightbulbs. A delivery of 2 boxes has 2 defective lightbulbs. 4 defective lightbulbs subtracted by 2 defective lightbulbs equals 2 more defective lightbulbs in 4 boxes than 2. Therefore, it is B.

Answer:C

Step-by-step explanation: 4 boxes , 8 are defective (in total) therefore 2 balls are defective in each . multiply and see what goes by 2’s and done.


Use the distributive property to remove the parentheses.
2w3(3 - 8w4)

Answers

Answer: 6w^3 - 16w^7

Explanation:

2w^3(3 - 8w^4)
= 6w^3 - 16w^7

In the diagram, l1 is parallel to €2.

Answers

Answer:

A) 45°

Step-by-step explanation:

A) 45°

Derrick is placing a right triangle in the coordinate plane. He knows that the longer leg is 3 times the length of the shorter leg. He places the longer leg on the x-axis.

What coordinates should he assign to the third vertex of the triangle?

Answers

Answer:

Longer leg is placed on X axis.

Let the longer leg be at A(0,0) and B(3 a,0),or (-3 a,0), which is  either base or altitude.

AB= 3 a

As longer leg = 3 × shorter leg

Shorter leg should be placed  either at (0,a) or (0,-a) maintaining triangle as right angled triangle.

Step-by-step explanation:

O There are 15 students going on a field trip. If 3/5 of them pack their lunches, how many students pack their lunches?

Answers

Answer:

Students

Step-by-step explanation:

How do you solve problems involving sequence? Discuss the mathematics concepts and principles applied when solving problems involving sequence

Answers

Step-by-step explanation:

Sequence is defined as arrangement f numbers in a specific or defined pattern. Sequence are categorized into

1) Arithmetic

2) Geometric

Arithmetic sequence are characterized by their common difference while Geometric sequence are characterized by their common ratio.

Given a sequance of numbers say;

T1, T2, T3...

The first term "a" of the sequence is T1

Common difference d = T2-T1 =T3-T2

Common ratio = T2/T1 = T3/T2

The formula for calculating nth term of an Arithmetic sequence is expressed as;

Tn = a+(n-1)d

a is the first term

n is the number of terms

d is the common difference

The nth term of a Geometric sequence is expressed as;

Tn = ar^{n-1}

r is the common ratio

Numbers are arranged in a sequence when they follow a predetermined or established pattern. Sequences can be divided into

1) Mathematics

2) Graphitic

Geometric sequences are characterized by their common ratio, whereas arithmetic sequences are distinguished by their common difference.

Suppose a sequence of numbers is given;

T1, T2, T3...

The sequence's initial term "a" is T1.

common distinction d = T2-T1 =T3-T2

T2/T1 Common Ratio T3/T2

The following is the formula for finding the nth term in an arithmetic sequence:

Tn = a+(n-1)d

The first term is a.

The number of terms is n.

d is the typical discrepancy

The nth term of a Geometric sequence is expressed as;

[tex]T_{n} =ar^{n-1}[/tex]

r is the common ratio

To learn more about information Sequence :

brainly.com/question/28015562

Describe the end behavior of the polynomial function.

Answers

Rises to the left and rises to the right

Add (6x2 – 3x) + (5x – 7).A.6x2 + 2x – 7B.6x2 + 8x – 7C.6x2 – 2x – 7D.3x2 – 2x

Answers

Answer:

A.) 6x2+2x−7

Step-by-step explanation:

Answer:

6x^2 + 2x - 7.

trust me i just did it

Step-by-step explanation:

What method can you use to prove sides or angles are congruent AFTER you have proven two triangles are congruent to each other?

Answers

Answer: Side Angle Side (SAS) is a rule used to prove whether a given set of triangles are congruent. In this case, two triangles are congruent if two sides and one included angle in a given triangle are equal to the corresponding two sides and one included angle in another triangle.

Step-by-step explanation: I got this from a website, Hope it helps!!!

use the function d=v+9 to find the value of d when v =2​

Answers

Answer:

D=11

Step-by-step explanation:

Answer:

d = 11

Step-by-step explanation:

Hope this help!  Have a great day!

Brett bought 2 shirts. One cost $4 more than 3 times the other. Together, the 2 shirts cost
him $72.

HELP PLEASE.

Answers

Answer:

one costs 17 dollars the other costs 55 dollars

Step-by-step explanation:

we have to make 2 equations using variables

x=shirt 1

y= shirt 2

y+x=72

x=3y+4

then substitute 3y+4 for x in the first equation

y+3y+4=72

subtract 4 and add y and 3y

4y=68

divide by 4

y= 17

use this for y in the second equation

x=3(17)+4

x=51+4

x=55  

What is the inverse of the function f(x) = x +3

Answers

Answer:

h(x) = x-3

Step-by-step explanation:

The inverse of a function works such that f(h(x)) = x. Also, f(h(x)) = h(x) + 3. Thus, x = h(x) +3 -> h(x) = x-3

i hope this helps!!! :)

What is the x value in the coordinate point (-2,7)

Answers

Answer:

-2

Step-by-step explanation:

(x,y)

Answer:

-2

Step-by-step explanation:

is it not that simple? im not sure im pretty sire its just 2 though

Which set of ordered pairs represents a function?
{(3,3), (-9,-1),(-4,3), (3,1)}
{(2,4), (2,9), (-2,-8), (7,5)}
{(6,4),(-3,-6),(-3,9), (-8, –7)}
{(5,9), (-6,1),(6,5),(-8,5)}
Submit Answer

Answers

Answer:

{(5,9), (-6,1),(6,5),(-8,5)}

Step-by-step explanation:

There is no repeating X factor

I don’t think my answer is right I believe but I think it’s the first one because it functions in a pattern.

Find the perimeter of the figure. Round to the nearest tenth if needed.
a=50 b=83 c=65

Answers

Answer:

263

Step-by-step explanation:

50 + 83 + 65 + 65 = 263

i don’t know witch sides are which but here you go

microzooplankton is _____ compared to macrozooplankton

a) smaller
b) bigger
c) faster
d) brighter in color

btw yes i put it on math because i feel like more people do math more

Answers

a ) smaller is correct answer

Ratio to 6:3?? Write 2 other ways :))

Answers

Answer:

6/3, 6:3, and 6 to 3

Step-by-step explanation:

All of these answers above are correct!!!

May I have a Brainliest?

What is the point-slope form of an equation passing through (0, -5) with a 5 points
slope of 2? *

Answers

Answer:

y=2x-5

Step-by-step explanation:

[tex]y-y_{1}=m(x-x_{1})[/tex]

[tex]x_{1}=0, y_{1}=-5\\[/tex], and m=2

[tex]y-(-5)=2(x-0)[/tex], -(-5)-Two negatives make it positive, and you distribute the 2

[tex]y+5=2x[/tex], you now subtract 5 to get y by itself to get your answer of

[tex]y=2x-5[/tex]

*NOTE* (0,-5) is the y-intercept, so you could have used the linear equation of y=mx+b, m=2, and b(y-intercept)=-5

giving you y=2x-5

When a baseball is hit by a batter the height of the ball age of T at time TT equals zero is determined by the equation age of T equals -16 T squared +64 2+ 4FT is in seconds for which interval of time is the height of the bar greater than or equal to 52 feet

Answers

Answer:

1 ≥ t ≤ 3

Step-by-step explanation:

Given

h(t) = -16t² + 64t + 4

Required

Determine the interval which the bar is at a height greater than or equal to 52ft

This implies that

h(t) ≥ 52

Substitute -16t² + 64t + 4 for h(t)

-16t² + 64t + 4 ≥ 52

Collect like terms

-16t² + 64t + 4 - 52 ≥ 0

-16t² + 64t - 48 ≥ 0

Divide through by 16

-t² + 4t - 3 ≥ 0

Multiply through by -1

t² - 4t + 3 ≤ 0

t² - 3t - t + 3 ≤ 0

t(t - 3) -1(t - 3) ≤ 0

(t - 1)(t - 3) ≤ 0

t - 1 ≤ 0 or t - 3 ≤ 0

t ≤ 1 or t ≤ 3

Rewrite as:

1 ≥ t or t ≤ 3

Combine inequality

1 ≥ t ≤ 3

Solve the system of equations.


5x + 2y = 12
5x – 2y = 28

Answers

Answer:

x=4 y=-4

Step-by-step explanation:

Step: Solve5x+2y=12for x:

5x+2y=12

5x+2y+−2y=12+−2y(Add -2y to both sides)

5x/5=−2y+12/5

x= −2/5y+12/5

−2/5y+12/5 for x in5x−2y=28

5(−2/5y+12/5)−2y=28

−4y+12=28(Simplify both sides of the equation)

−4y+12+−12=28+−12(Add -12 to both sides)

−4y=16

−4y/−4=16/−4

(Divide both sides by -4)

y=−4

Substitute −4 for y in x=−2/5y+12/5

x= −2/5y+12/5

x=−2/5(−4)+12/5

x=4

PLZZZZZZZZZZZZZZZZZZZZZZZ HELP

Answers

There is no picture.

Write the equation of the line parallel to y = 3x + 3, that passes through (-3, 10).

Answers

y=3x+19

Step-by-step explanation:

equation parallel to y=3x+3 means having the same gradient .Here gradient is 3 where you equate equation with y=mx +c where m is the gradient and c is the y-intercept

Equation of line y=3x+c

you must find c ,replace point (-3,10) in equation y=3x+c

10=3(-3)+c

10=-9+c

10+9=c

c=19

equation of line parallel to y=3x+3 that passes through(-3,10) is y=3x+19

Quadrilateral MNOP is similar to quadrilateral SURT

Answers

Answer:

C is the anser i belive i im wrong im sorry

Step-by-step explanation:

Other Questions
The electric force is a universal force that exists between any two charged objects What type of electric force exists between apositively charged proton and a negatively charged electron?Aan attractive forceB.a repulsive forceC.an attractive and a repulsive forceDneither an attractive nor a repulsive force Jean's mother lit a candle and placed it on his birthday cake. As they sang happy birthday, the wick burned, the waxmelted, the candle changed shape, and the air around the candle heated up. Which of the following is NOT anexample of a physical change? Rizzo Goal Inc. produces and sells hockey equipment, often custom made for online orders. The company has the following performance metrics on its balanced scorecard: days from ordered to delivered, number of shipping errors, customer retention rate, and market share. A measure map illustrates that the days from ordered to delivered and the number of shipping errors are both expected to directly affect the customer retention rate, which affects market share. Additional internal analysis finds that: Every shipping error over three shipping errors per month reduces the customer retention rate by 1.5%. On average, each day above three days from ordered to delivered yields a reduction in the customer retention rate of 1%. Each day before three days from order to delivery yields an increase in the customer retention rate of 1%, on average. Rizzo Goal Inc.s current customer retention rate is 60%. The company estimates that for every 1% increase or decrease in the customer retention rate, market share changes 0.5% in the same direction. Rizzo Goal Inc.s current market share is 21.4%. Ignoring any other factors, if the company has six shipping errors this month and an average of 3.5 days from ordered to delivered. a. Determine the new customer retention rate. fill in the blank 1 % b. Determine the new market share that Rizzo Goal Inc. expects to have. Round your answer to one decimal place. how does the vertical component of a projectiles compare to the motion of vertical free fall when air resistance is neglected? Please help me, I really don't know. Correct answer gets a Brainlist. boy weighs 55 pounds. How much does he weigh in kilograms? Use the following conversion: 1 kilogram is 2.2 pounds. 8. A hiker walks 2.3 km east and then 4.1 km north. What is her displacement?A. 6.4 kmB. 6.4 km at 45 C. 4.7 km at 61 D. 4.7 km at 29 how does the electric force between two charged particles change if the distance between them is decreased by a factor of 3? Create a weather forecast in Spanish for your town today. In your forecast, use weather and climate terminology and geographic terms. Also, if there has been any unseasonable weather, describe the effect of weather on plants and animals in the area.(I live in Compton? If 1 kg of fuel is used in the above fusion reaction (2 1H + 3 1H--> 4 2He+1 0N) , the resulting helium has a mass of 0.993 kg. In other words, 0.007 kg of mass is converted to energy. How much energy is produced by the fusion of 1 kg of hydrogen? (Hint: Use Einstein's equation, E = mc2, where E is energy in Joules, m is mass in kilograms, and c is the speed of light, 3 x 108 m/s.) ALGEBRA 1 question for 20 POINTS!!! Solve and match the graph to the inequality. please answer if you actually know the answers. also format your answer like this...1.j 2.j 3.j why is DNA referred to as the genetic code? Which of the following is not an example of energy transformations in an ecosystem?A) sunlight driving photosynthesis in plantsB) herbivores feeding on plantsC) predators feeding on herbivoresD) burning of fossil fuelsE herbivores feeding on carnivoresI What is the slope of the line 3x 9y = 4? Jake's mom is making peanut butter cookies with her chocolate chips. In her first batch, she used the ratio of 2:2 for the number of cups of chocolate chips to the number of peanut butter chips. In her second batch she used the ratio of 3:1 for the number of cups of chocolate chips to the number of cups of peanut butter and made the same number of cookies in the first batch. Jake made the following tape diagrams for his mom to reference. If her first batch used 4 cups of peanut butter chips, how many cups of chocolate chip did jakes mom use for the second batch? NEED HELP NOW!! WILL GIVE BRAINLIEST!!!!!!!!! What are portraits? Why do people create portraits and what types of things do we see in a portrait? EFill in the blank with the Spanish word that best completes the following sentence.Gregoriola puerta del cuarto.O guardaO reiniciaO pantallaO abre Based on the map, which statement best describes Europeans situation at the time they were colonizing the Americas?They were united in their desire to remain Christian.They were divided because of religious differences.They were dedicated to maintaining peace on the continent.They were eager to conquer the Holy Land. PLEASE HELP MEEE!!! What is the experimental probability that Mr. Fell's class rolled a 3? Please help me.......