You currently have $40,000 saved up to buy a house. Your annual salary is $60,000, and your
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You currently have $40,000 saved up to buy a house. Your annual salary is $60,000, and your banker tells you the maximum amount they will loan you for a 30-year mortgage is an amount that makes your monthly payment 30% of your monthly salary. If the current interest rate is 0.4% per month, what is the most you can offer on a house?
$325,897 | |
$285,897 | |
$327,040 | |
None of the choices are correct | |
$287,040 |
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