Please please please help me figure this out! You would like to purchase either

Question

Please please please help me figure this out! You would like to purchase either a house or a condo. Currently and your spouse are earning $60,000 annually. You have a car payment each month of $350. Based on your credit history, you think you can get an interest rate of 4.5% on your house/condo. You have been very diligent in your savings/investment plan and have now accumulated $35,000 that can be used as your down payment. You have researched and come up with the following information: House:

Explanation / Answer

annual earnings =60000*2 =120000$ expenditures =350*12 =4200$ interest rate =4.5% house costs =1200+800+5000 =7000 condo costs =600+500+400+3000=4500 maximim mortage loan for a>house =155555.5 b>condo=100000 the maximum i can pay a>house =61800 c>31800 cheers :)

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