Question: Problem P8-8 (similar to) Question Help Determine the maximum 30-year fixed-rate mortgage amount for which a couple could qualify if the rate is 4.35 percent.

 Problem P8-8 (similar to) Question Help Determine the maximum 30-year fixed-rate

Problem P8-8 (similar to) Question Help Determine the maximum 30-year fixed-rate mortgage amount for which a couple could qualify if the rate is 4.35 percent. Assume they have other debt payments totaling $491 per month and a combined annual income of $54,500. Monthly escrow payments for real estate taxes and homeowner's insurance are estimated to be $184. (Assume a 36 percent maximum of annual income for total debt and escrow payments.) The maximum 30-year fixed-rate mortgage amount for which a couple could qualify if the rate is 4.35% is $(Round to the nearest dollar.)

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