Using the standard 28/36 guidelines, what is the maximum mortgage payment allowed for someone with an annual salary of $60,750?
1 answer:
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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Step-by-step explanation:
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