Barb and Bob want to purchase a new home but don't know how much mortgage they can
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Question:
Barb and Bob want to purchase a new home but don't know how much mortgage they can qualify for. The lender requires that total installment loan payments not exceed 35% of gross monthly income. Based on Barb and Bob's financial data below, what is the maximum monthly mortgage payment for which they can qualify?
Monthly gross income | $4,000 |
Car payment | 350 |
Student loan payment | 200 |
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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