A Homeowner Is Looking to Buy a Home in Marvin

question 14

Essay

A homeowner is looking to buy a home in Marvin Gardens. The most he can afford to pay in total is $1,800 per month. Yearly property taxes will be about $3,000 (escrowed monthly)and insurance is $110 per month. There are no other costs.
If his parents give him $20,000 for a down payment,what is the most he can pay for a house with a 15-year mortgage if the interest rate is 5.50 percent?

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Definitions:

Temperaments

Inherent personality traits that significantly influence an individual's behavior and the manner in which they interact with their environment and other people.

Gestation

The process or period of development inside the womb from conception until birth.

Neonatal Period

The first 28 days of life, a critical time for a newborn's development and adaptation outside the womb.

Kinetic Stimulation

The use of motion or activity as a form of therapy to improve mental or physical health.