Question
You have $50,000 for down payment.Your monthly gross income is $5,000.Your monthly car loan payment is $300.You also need to pay $400 every month for
You have $50,000 for down payment.Your monthly gross income is $5,000.Your monthly car loan payment is $300.You also need to pay $400 every month for property taxes and home insurance.The bank has a lending guideline for mortgage loan that total debt service (TDS) ratio cannot exceed 44% of monthly gross income.How much can you borrow from a 25-year conventional mortgage with an effective annual rate of 6%?
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Financial Management for Public, Health and Not-for-Profit Organizations
Authors: Steven A. Finkler, Daniel L. Smith, Thad D. Calabrese, Robert M. Purtell
5th edition
1506326846, 9781506326863, 1506326862, 978-1506326849
