# The Delgados have a gross monthly income of $6000. Monthly payments on personal loans total $500. Their

## Question:

a. Rounded to the nearest $100, what is the maximum 25-year mortgage loan for which they can qualify on the basis of their income? Assume monthly heating costs of $200 and property taxes of $220 per month. Current mortgage rates are 6.8% compounded semiannually.

b. Rounded to the nearest $100, what minimum down payment must they have to qualify for the maximum conventional mortgage (80% loan-to-value ratio) on a new home?

Fantastic news! We've Found the answer you've been seeking!

## Step by Step Answer:

**Related Book For**