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month on other debts and expects her property taxes and homeowners
insurance to cost $250 per month. She knows she can get a 5.0%, 30-
year mortgage, so her mortgage payment factor is 5.37. She expects to
make a 20% down payment. What is Michelle's affordable home
purchase price? Assume a lender will use a 38% monthly gross income
guideline. Round your answer to the nearest $100. (Points : 10)
4. (TCO 3) Identify two or three sources of consumer credit and
discuss the advantages and
disadvantages of each type selected. (Points : 10)
5. (TCO 5) Select two or three investment alternatives and describe
how the influential factors of safety, risk, income, growth, and
liquidity affect each investment alternative. (Points : 10)
6. (TCO 7) What is a will? Identify the primary types of wills. What are
the ramifications of not having a will? (Points : 10)
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BUSN 380 Week 1 Problem Set 1
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TCO 1 Time value of money relationships & applications; opportunity
costs; personal financial statements -Problem Set 1