Question
#1 Home purchase decisions: Given the following information, what maximum monthly mortgage payment (for a home purchase) would the bank be willing to issue based
#1 Home purchase decisions:
Given the following information, what maximum monthly mortgage payment (for a home purchase) would the bank be willing to issue based on the 28% debt rule learned about in class?
Income $60,000/yr
Current monthly debt payments
$350 student loans
$450 car loan
Calculate the maximum allowed mortgage payment using the 28%
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Contemporary Financial Management
Authors: R. Charles Moyer, James R. McGuigan, Ramesh P. Rao
14th edition
1337090581, 978-1337090582
