Question: 3. Determine the maximum 30-year fixed rate mortgage amount Paul could qualify for. The rate on the loan is 4.5%. Paul has an annual income

3. Determine the maximum 30-year fixed rate mortgage amount Paul could qualify for. The rate on the loan is 4.5%. Paul has an annual income of $50,000 and has other monthly debt payments totaling $500. Assume monthly property taxes and insurance on the house will total $125. (To do this problem, you must refer to the 28% and 36% rules.)

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