Question
The Flenderson's have a gross monthly income of $5,900. They have 13 payments of $160 a month remaining on a student loan and 20 payments
The Flenderson's have a gross monthly income of $5,900. They have 13 payments of $160 a month remaining on a student loan and 20 payments of $310 a month on a car loan.
A) What is 28% of their adjusted monthly income?
B) The Flenderson's want a 20-year fixed-rate mortgage. They wish to buy a house at a price of $189,000. If they make a 25% down payment, then they can find a mortgage with an interest rate of 5%. Calculate their monthly principal interest payment for the remaining 75% of the house price.
C) If insurance and taxes sum to $240 each month, calculate the Flenderson's total monthly mortgage payment.
D) Do the Flenderson's earn enough money to qualify for this mortgage?
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