$2$:$02$

$3$

$(2)$

Charles Parish earns a gross monthly salary of $$4,000\mathrm{.}00$ before taxes. The bank has informed him that his monthly debt payments cannot exceed $38\%$ of this gross salary, including the new mortgage. Considering that his student loan requires $$200\mathrm{.}00$ per month and his outstanding car loan costs $$400\mathrm{.}00$ per month, how much can he reasonably afford to spend on a mortgage each month, assuming there are no other installment payments?

tamucc.co$1.$qualtrics.com

$\backslash$table$[[$Monthly gross income$],[$Down payment to be made $($percent of purchase price$)],[0$ther debt $($monthly payment$)],[$Monthly estimate for property taxes and insurance$],[30-$ year loan$]]$