Question
If your annual gross income is $62,000 and you have one monthly car payment of $335 and a monthly student loan payment of $225, what
If your annual gross income is $62,000 and you have one monthly car payment of $335 and a monthly student loan payment of $225, what is the maximum house payment you can afford. Consider a standard 28% front-end ratio and a 36% back-end ratio. Also, to complete the calculation, the annual property tax will be $3,600 and the annual homeowner's premium will be $360.
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The frontend ratio limits housingrelated expenses to 28 62000 17360 per year So the amount tha...Get Instant Access to Expert-Tailored Solutions
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Personal Finance
Authors: Jeff Madura
5th edition
132994348, 978-0132994347
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