Question

Using the standard 28/36 guidelines, what is the maximum mortgage payment allowed for someone with an annual salary of $60,750? a. $1,215.00 b. $1,417.50 c. $1,701.00 d. $1,822.50

Answer 1

$\frac{28}{36}$ rule says that 28 % of your total income should be spent on Housing finances and 36 % of your gross total income should be spend for Debts.

Annual Salary = $ 60,750

Maximum mortgage payment=28% of $ 60,750

$=\frac{28}{100} \times 60750=\frac{1701,00}{100}\\\\ =1701$

Maximum ,mortgage payment allowed for someone with an annual salary of $60,750= $ 1,701.00→→→Option (C)

Answer 2

Answer: Answer B - 1417.50

Step-by-step explanation:

On edgen the correct answer is B