Question
Question content area top Part 1 The Adeeva's gross monthly income is $6700. They have 18 remaining payments of $210 on a new car. They
Question content area top Part 1 The Adeeva's gross monthly income is $6700. They have 18 remaining payments of $210 on a new car. They are applying for a 30-year, $261,000 mortgage at 6.5%. The taxes and insurance on the house are $300 per month. The bank will only approve a loan that has a total monthly mortgage payment of principal, interest, property taxes, and homeowners' insurance that is less than or equal to 28% of their adjusted monthly income.
a) Determine 28% of the Adeeva's adjusted monthly income.
b) Determine the Adeeva's total monthly mortgage payment, including principal, interest, taxes, and homeowners' insurance.
c) do they qualify for a loan?
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