The Guenthers gross monthly income is $3200. They have 25 remaining car payments of $335. The Guenthers

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The Guenthers’ gross monthly income is $3200. They have 25 remaining car payments of $335. The Guenthers are applying for a 15-year, $150,000 mortgage at 5% interest to buy a new house. The taxes and insurance on the house are $225 per month. Their credit union will approve a loan that has a total monthly house payment of principal, interest, property taxes, and homeowners’ insurance that is less than or equal to 28% of their adjusted monthly income.

(a) Determine 28% of the Guenthers’ adjusted monthly income.

(b) Determine the Guenthers’ total monthly house payment, including principal, interest, taxes, and homeowners’ insurance.

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3200 monthly income 3200 335 2865 adjusted monthly income a 0282865 80220 b Table 104 yield...View the full answer

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