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Jerome and Jewel Jones are looking to buy their family home for their burgeoning brood. They are looking for a five-bedroom house. The average price
Jerome and Jewel Jones are looking to buy their family home for their burgeoning brood. They are looking for a five-bedroom house. The average price of a five- bedroom house is GH450,000 in their locality. A bank offers the couple a 15- year mortgage facility at an interest rate of 24.5%. The bank also requires that the instalment payments do not exceed 30% of the couples monthly income. What should be the couples combined monthly income if they wish to take the facility?
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