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Calculate the monthly mortgage payment for the following applicants: Mortgage amount: $235,000 Interest rate: 4.00% Term: 30 years Real Estate Taxes per year: $5,000 Homeowners

  1. Calculate the monthly mortgage payment for the following applicants:

Mortgage amount: $235,000

Interest rate: 4.00%

Term: 30 years

Real Estate Taxes per year: $5,000

Homeowners insurance per year: $1,200

Private Mortgage Insurance: $210 per month

If the borrowers earn $6,800 a month, what is their HTI? Do they qualify for this loan if the max HTI at the bank is 33%?

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