Question
Suppose your gross monthly income is $5,900 and your current monthly payments are $525. If the bank will allow you to pay up to 36%
Suppose your gross monthly income is $5,900 and your current monthly payments are $525. If the bank will allow you to pay up to 36% of gross monthly income (less current monthly payments) for a monthly house payment, what is the maximum loan you can obtain if the rate for a 30-year mortgage is 4.65%?.
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Intermediate Financial Management
Authors: Eugene F. Brigham, Phillip R. Daves
8th Edition
0324258917, 9780324258912
