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The Total Expense Ratio states that a mortgage payment should be less than ( 3 6 % of borrower's monthly gross income ) - (
The Total Expense Ratio states that a mortgage payment should be less than
of borrower's monthly gross incomemonthly hosing expensesmonthly loan payments
Bryan and his wife, Jane both work and have a combined gross income of $ per year. They estimate the property taxes on their condo will be $ and insurance should be about $ per year. Bryan takes the bus to work, but Jane has a car payment of $ per month, and they are both still paying off student loans for a combined total of $ per month.
Find out how much of a monthly mortgage payment Bryan and Jane can afford.
Round your answer to the nearest cent.
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