Assume you are buying
a $200,000 house.
You may need a credit
score of
700+
to qualify for a low-interest
loan.
|
After a
$20,000 down payment most
people need to borrow $180,000.
- The
government changes interest rates to control
the economy.
- Divide
annual salary by 2,000 hours to know hourly
wage.
How many
dollars/hour
must one earn at
different rates of interest to qualify for a loan
to buy this house?
The
average university graduate owes almost $30,000 in
degree-related debt.
- Add
$450/month
in student loan debt.
How
does this impact the minimum hourly wage
required?
- Add
$6000/month
in child support payments.
How
this impact the minimum hourly wage
required?
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