The monthly income of investor is $9,000 per month, and up to 30% of the family income can be used to pay back a mortgage loan . His bank offers him a 30-year mortgage loan with a 2.5% interest rate. If he uses this mortgage loan to finance up to 80% of the property price, what is the maximum price of the property that he can afford to buy?

Answer rating: 100% (QA)

Step 1 Calculate the maximum monthly mortgage payment Maximum monthly mortgage payment 30 of monthly ... View the full answer