Chapter $5$

Financial Planning Exercise $4$

Maximum affordable mortgage payment

Using the maximum ratios for a conventional mortgage, how big a monthly payment could the Ross family afford if their gross $($before$-$tax$)$ monthly income amounted to $$3,000?$ $

Would it make any difference if they were already making monthly installment loan payments totaling $$450$ on two car loans?

Maximum mortgage payment they could make would be $