Suppose your gross monthly income is $5,800 and your current monthly payments are $425. 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 % ? (Round your answer to the nearest cent.)

Suppose your gross monthly income is $5,800 and your current monthly payments are $425. 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 % ? (Round your answer to the nearest cent.)

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section4.17: Amortized Loans

Problem 1ST

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