If your gross income is OMR 1800 per month, and you need a housing loan. What is the maximum amount of housing loan you can get for repayment in 14 years from a lender following the 28/36 debt-to-income ratio, if interest rate is 6.3%? Select one: O a. 56168 OMR [approximately] O b. 1.4101 OMR [approximately] c. 450 OMR [approximately] O d. None O e. 86100 OMR [approximately]
If your gross income is OMR 1800 per month, and you need a housing loan. What is the maximum amount of housing loan you can get for repayment in 14 years from a lender following the 28/36 debt-to-income ratio, if interest rate is 6.3%? Select one: O a. 56168 OMR [approximately] O b. 1.4101 OMR [approximately] c. 450 OMR [approximately] O d. None O e. 86100 OMR [approximately]
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter7: Using Consumer Loans
Section: Chapter Questions
Problem 7FPE: Calculating interest and APR of installment loan. Assuming that interest is the only finance charge,...
Related questions
Question
R1
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 6 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.Recommended textbooks for you
Pfin (with Mindtap, 1 Term Printed Access Card) (…
Finance
ISBN:
9780357033609
Author:
Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:
Cengage Learning
Pfin (with Mindtap, 1 Term Printed Access Card) (…
Finance
ISBN:
9780357033609
Author:
Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:
Cengage Learning