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Sophie [7]
1 year ago
15

How much should someone’s loan payment be if their total income is $100?

Business
1 answer:
BartSMP [9]1 year ago
6 0

Someone’s loan payment  if their total income is $100 should be 30 times their monthly income.

The loan payments means the amounts required to be paid by the borrower in repayment of the loan pursuant to the provisions of the loan agreement, the note and the bond mortgage.

In most cases, lenders consider approximately 50-75% of the net income as instalments. In case your expenses exceed the percentage, banks either increase the tenure of the loan or reduce the amount sanctioned.

Additionally, to minimise the risk of default, lenders keep the EMIs of the loan to about 45-60% of your monthly income.

To know more about loan here,

brainly.com/question/14784302

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