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3 years ago

Using the standard 28/36 guidelines, what is the maximum mortgage payment allowed for someone with an annual salary of $60,750?

Mathematics

1 answer:

taurus [48]3 years ago

3 0

Answer:

$1,417.50

Step-by-step explanation:

the above value is calculated using the formula according to guideline of 28/36

M= P r(1+r)ⁿ/ (1+r)ⁿ -1

M = mortgage monthly payment.

P = principal amount

r = interest rate monthly (

n = number of payments ( total number of months for paying loans)

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