P7 underwriting Question 21 (13 points) GIVEN: John Berry has income of $50,000 per year, $40,000 in the bank, an effective combined state and federal income tax rate of 18%, social security tax rate of 15%, a 30 month car payment of $330, a 48 month boat payment of $225, expected utility bills of $135 per month, property taxes of $127 per month, property insurance of $33 per month, and $50 per month child care expenses. Will John qualify for a conventional uninsured mortgage at 8% interest for a 30 year term using traditional underwriting standards if the house is selling for $125,000? (13 pts.) C Paragrap V ... Ea P7 underwriting Question 21 (13 points) GIVEN: John Berry has income of $50,000 per year, $40,000 in the bank, an effective combined state and federal income tax rate of 18%, social security tax rate of 15%, a 30 month car payment of $330, a 48 month boat payment of $225, expected utility bills of $135 per month, property taxes of $127 per month, property insurance of $33 per month, and $50 per month child care expenses. Will John qualify for a conventional uninsured mortgage at 8% interest for a 30 year term using traditional underwriting standards if the house is selling for $125,000? (13 pts.) C Paragrap V ... Ea