The maximum mortgage payment allowed for someone with an annual salary of $62,550 is $1,459.50.
<h2>28/36 Rule</h2>
<h3>What is the 28/36 rule?</h3>
The 28/36 rule is used to calculate the amount of debt a person or a household should assume. The rule suggests that a lender's following expenses cannot be more than 28% of their monthly or annual income. They are listed as follows:
- Household Expense payments
- Primarily rent
- Mortgage payments
While the debt payments must not exceed 36% of their income.
<h3>Calculating mortgage payment</h3>
Keeping the above rule in view, the mortgage payment is calculated by multiplying the annual salary by 28% and dividing the same by 12, to calculate the mortgage payments monthly. As shown below:
62,550 x 28% = $17,514
17,514 / 12 = $1,459.50
The maximum mortgage payment allowed is $1,459.50
Learn more on maximum mortgage payment here: brainly.com/question/8409309
Answer:
i believe the answer would be c)theorems
Step-by-step explanation:
sorry if im wrong
Eighty three thousand four hundred and seventy nine
Answer:
s=p−(p⋅d) . 0.75p
Step-by-step explanation:
Answer:
1 1/11 times greater
Step-by-step explanation:
When we are looking for how man time greater, we know we have to divide
36/33
Each number can be divided by 3
12/11
We can change this to a mixed number
1 1/11 times greater
