Question: i have the answer , just need a detailed explanation how they got it. If a person earns $3,000 per month and 25% can be

i have the answer , just need a detailed explanation how they got it.

If a person earns $3,000 per month and 25% can be used for PITI; What is the maximum price house that person can afford if the following facts are true? a. Interest rate = 11.25% b. Loan term = 25 years c. Annual taxes = $1,200/O0/+Q & Annual insurance = $600) e. The loan is fully amortized f. The person has $20,000 in their savings account and closing costs will be $4,000

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