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Max is thinking about purchasing a house. He wishes his annual payments to be 25% of his salary. The following table lists his expected salary
Max is thinking about purchasing a house. He wishes his annual payments to be 25% of his salary. The following table lists his expected salary over the next 30 years. How much is Max willing to borrow for his house? Assume he can find a loan that matches his desired payments. Assume the interest rate is 6.58%.
Years | Salary |
1 -10 | $37,823 |
11-20 | $97,337 |
21-30 | $185,750 |
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