Question: Determine the maximum 30-year fixed-rate mortgage amount for which a couple could quality if the rate is 4:01 percent. Assume they have other debt payments

Determine the maximum 30-year fixed-rate mortgage amount for which a couple could quality if the rate is 4:01 percent. Assume they have other debt payments totaling $422 per month and a combined annual income of $71.100. Monthly escrow payments for real estate taxes and homeowner's insurance are estimated to be $193. (Assume a 36 percent maximum of annual income for total debt and escrow payments) The maximum 30-your fixed-rato mortgage amount for which a couple could quality if the rate is 4.01% $!) (Round to the nearest doltar:)

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