Answer both please Unit Activity: Mathematical models and Consumer Finance
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Part A
Tiffany figures she can pay $1,000 a month for housing. She uses a mortgage calculator to gure out how big a mortgage she could afford. Tiffany
sees that current interest rates, a $150,000 mortgage would be a payment of $800, and her estimated tax payment each month would be $100.
Tiffany thinks she can easily afford the $900 total monthly payment. Describe three costs she did not consider in her calculation.
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Part B
Frankle and Jenny want to buy a home in a particular neighborhood, but they have not found the perfect house yet. One problem they have is that
they do not know how much they can afford to pay, What guidelines could give them an idea? What help could a mortgage company give them?
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