Business, 20.03.2021 01:00 michellemonchez103

. BRYCE:
. Has a high paying job and has determined he could afford up to $2500 per month
Wants a sweet home to reward all his hard work; his dream home costs $550,000
Has been sloppy in the past with his bill pay, leading to a credit score of 650, so the best rate he can get is
4.69% for 30 years
Is willing to contribute $50,000 to his down payment

11. How much, per month, is Bryce short on
mortgage payments for his dream home?

12. If he increased his down payment from $50,000 to $75,000, could Bryce get his monthly payments below
$2500?

a. Using this strategy, how much total interest would he pay over the course of the loan?

13. Parting with the extra $25,000 up front doesn't sound like fun. He'd rather just put in his original $50,000
down payment. Besides, Bryce is worried his credit score is a bigger problem, so he asks the bank how
improving his score would impact his loan application. They provide this chart:
FICO
Score APR
760-850 3.649 %
700-759 3.871 %
680-699 4.047 %
660-679 4.261 %
640-659 4.69%
620-639 5.235%

13. If Bryce could raise his Credit score into the 660 -679 range and keep the $50,000 down payment could he afford his dream house?

A. Using this Shatagee how much total interest would he pay over the course of the loan

14. what do you think I should do?

L

.

BRYCE:
. Has a high paying job and has determined he could afford up to $2500 per month
Wants a

Answers: 3

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. BRYCE:
. Has a high paying job and has determined he could afford up to $2500 per month

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