4 years ago

Erica makes $4,840 monthly. What is the maximum loan she can take out on a house? $58,080

Mathematics

2 answers:

pickupchik [31]4 years ago

8 0

Answer: 116,160

Step-by-step explanation:

I just took the test, found a similar answer online

Vaselesa [24]4 years ago

7 0

I believe this question can be better answered with missing values like rate of the loan from bank etc.
However, to solve with only the given.
We take annual income. $4,840 x 12 = $58,080
To take morgage is 3 times the annual income. $58,080 x 3=$174,240 

The maximum loan she she can take out on a house is $174,240

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