Resourcesdown chevron
Testimonials
Plans
Sign in
Sign up
Resourcesright arrow
Testimonials
Plans
Bytelearn - cat image with glassesAI tutor

Welcome to Bytelearn!

Let’s check out your problem:

A buyer earns $48,000\$48,000 salary per year. In order to qualify for an 8585%\% loan, his monthly PITI payment cannot be more than 2828%\% of his monthly salary. The annual taxes and insurance will be $2,352.60\$2,352.60. If the monthly principal and interest payment is $6.00\$6.00 per $1,000\$1,000 of loan amount, what is the most sales price he can afford?

View step-by-step helpView step-by-step help
Homeright chevron icon
Math Problemsright chevron icon
Algebra 2right chevron icon
Solve system of equations: Complex word problemsright chevron icon

Full solution

Q. A buyer earns $48,000\$48,000 salary per year. In order to qualify for an 8585%\% loan, his monthly PITI payment cannot be more than 2828%\% of his monthly salary. The annual taxes and insurance will be $2,352.60\$2,352.60. If the monthly principal and interest payment is $6.00\$6.00 per $1,000\$1,000 of loan amount, what is the most sales price he can afford?
  1. Calculate Buyer's Monthly Salary: Calculate the buyer's monthly salary.\newline$48,000/12=$4,000\$48,000 / 12 = \$4,000 per month.
  2. Determine Maximum Allowable PITI Payment: Determine the maximum allowable monthly PITI payment. 28%28\% of $4,000\$4,000 = $1,120\$1,120.
  3. Calculate Annual Taxes and Insurance: Calculate the annual cost of taxes and insurance.\newlineAnnual taxes and insurance = $2,352.60\$2,352.60.
  4. Convert to Monthly Amount: Convert the annual taxes and insurance to a monthly amount. $2,352.60/12=$196.05\$2,352.60 / 12 = \$196.05 per month.
  5. Calculate Maximum Monthly P&I Payment: Calculate the maximum monthly principal and interest payment.$1,120−$196.05=$923.95\$1,120 - \$196.05 = \$923.95.
  6. Determine Loan Amount: Determine the loan amount using the monthly principal and interest payment rate.\newline$923.95/$6.00=153.99\$923.95 / \$6.00 = 153.99 per $1,000\$1,000.
  7. Calculate Total Loan Amount: Calculate the total loan amount the buyer can afford.\newline153.99×$1,000=$153,990153.99 \times \$1,000 = \$153,990.
  8. Calculate Maximum Sales Price: Calculate the maximum sales price based on the 8585% loan.$153,990/0.85=$181,164.71\$153,990 / 0.85 = \$181,164.71.

More problems from Solve system of equations: Complex word problems

Question
Solve using substitution. 5x−2y=−7 5x - 2y = -7 x=−5 x = -5 (_,_)
Get tutor helpright-arrow

Posted 2 months ago

Question
Is (1,1)(1,1) a solution to this system of equations? \newline4x+10y=144x + 10y = 14\newlinex+6y=7x + 6y = 7\newlineChoices:\newline(A) yes \newline(B) no
Get tutor helpright-arrow

Posted 2 months ago

Question
Which describes the system of equations below?\newliney=–3x+9y = –3x + 9 \newliney=–3x+9y = –3x + 9 \newlineChoices:\newline(A) consistent and independent\text{(A) consistent and independent} \newline(B) consistent and dependent\text{(B) consistent and dependent} \newline(C) inconsistent\text{(C) inconsistent}
Get tutor helpright-arrow

Posted 2 months ago

Question
Solve using elimination. \newline7x−8y=−17 7x - 8y = -17 \newline −7x+3y=2 -7x + 3y = 2 \newline (____,____)(\_\_\_\_, \_\_\_\_)
Get tutor helpright-arrow

Posted 2 months ago

Question
Solve. \newlinex=−2 x = -2 \newline−2x+2y=−8 -2x + 2y = -8 \newline(____,____)(\_\_\_\_, \_\_\_\_)
Get tutor helpright-arrow

Posted 2 months ago

Question
Write a system of equations to describe the situation below, solve using any method, and fill in the blanks.\newlineAt a community barbecue, Mrs. Wilkerson and Mr. Hogan are buying dinner for their families. Mrs. Wilkerson purchases 33 hot dog meals and 33 hamburger meals, paying a total of $36\$36. Mr. Hogan buys 11 hot dog meal and 33 hamburger meals, spending $26\$26 in all. How much do the meals cost?\newlineHot dog meals cost $\$_______ each, and hamburger meals cost $\$________ each.
Get tutor helpright-arrow

Posted 2 months ago

Question
Solve the system of equations by substitution.\newline−3x−y−3z=−11-3x - y - 3z = -11\newlinez=5z = 5\newlinex−y+3z=19x - y + 3z = 19\newline(____.____,____)
Get tutor helpright-arrow

Posted 2 months ago

Question
Solve the system of equations by elimination.\newlinex−3y−2z=10 x - 3y - 2z = 10 \newline3x+2y+2z=14 3x + 2y + 2z = 14 \newline2x−3y−2z=16 2x - 3y - 2z = 16 \newline(_,_,_)(\_,\_,\_)
Get tutor helpright-arrow

Posted 1 month ago

Question
Solve the system of equations.\newliney=x2+36x+3 y = x^2 + 36x + 3 \newliney=22x−37 y = 22x - 37 \newlineWrite the coordinates in exact form. Simplify all fractions and radicals.\newline(_,_)(\_,\_)\newline(_,_)(\_,\_)
Get tutor helpright-arrow

Posted 1 month ago

Question
Solve the system of equations.\newliney=−x−24 y = -x - 24 \newlinex2+y2=488 x^2 + y^2 = 488 \newlineWrite the coordinates in exact form. Simplify all fractions and radicals.\newline(_,_) (\_,\_) \newline(_,_) (\_,\_)
Get tutor helpright-arrow

Posted 2 months ago

View all (24)