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The Adeeva's Gross monthly income is $5200. They have 18 remaining payments of $310 on a new car. They are applying for a 30 year,
The Adeeva's Gross monthly income is $5200. They have 18 remaining payments of $310 on a new car. They are applying for a 30 year, $146,000 mortgage at 7.0%. The taxes and insurance on the house are $470 per month. The bank will approve a loan that has a total monthly mortgage payment of principal, interest, proper Texas, 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 this mortgage? yes or no
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