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Sarah has gone to the bank to see if she and Ted (her partner) would qualify for a mortgage. Her monthly gross income is $5,500,
Sarah has gone to the bank to see if she and Ted (her partner) would qualify for a mortgage. Her monthly gross income is $5,500, while Ted's annual gross income is $60,000. Their debt payments are $720 per month, while their monthly heating is estimated at $450. Their annual property taxes would be $6,000. Given their Gross Debt Service (GDS) is 32 percent, they would qualify for monthly mortgage loan repayments of __________.
$1,690
$2,160
$2,410
$2,600
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