Suppose your gross monthly income is ($ 9,500) and your current monthly payments are ($ 2,625). If
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Suppose your gross monthly income is \(\$ 9,500\) and your current monthly payments are \(\$ 2,625\). If the bank will allow you to pay up to \(36 \%\) of your gross monthly income (less current monthly payments) for a monthly house payment, what is the maximum loan you can obtain if the rate for a 30-year mortgage is \(3.95 \%\) ?
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First we need to find out how much the bank would be willing to lend you on a monthly basis Here we ...View the full answer
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