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Based on her TDSR of 40% and GDSR of 30%, Susan has been informed that the maximum monthly mortgage payment she qualifies for is $2,833.
Based on her TDSR of 40% and GDSR of 30%, Susan has been informed that the maximum monthly mortgage payment she qualifies for is $2,833. The qualifying interest rate for mortgages is 3.9% and assumes a 25-year amortization. Based on this, what is the largest mortgage she would be able to qualify for? Input the number to the nearest dollar with no minus sign.
- (The correct answer is $544,166, but I don't know how to calculate it).
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