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2 answers:
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Answer:
$787,471.02
Explanation:
Given:
Jim's annual income = $180,000
Monthly property taxes = $140
Monthly homeowners insurance = $70
Monthly student loan payments = $178
Maximum front end DTI limit = 28%
Maximum back end DTI limit = 36%
Amortizing period = 30 years = 360 months
annual rate = 4.5% compounded monthly
Now,
Monthly salary =
or
Monthly salary =
or
Monthly salary = $15,000
Maximum front end DTI limit
= (Maximum Monthly loan payment + monthly property taxes + monthly homeowner's insurance) ÷ Monthly income
0.28 × $15,000 = Maximum Monthly loan payment + $140 + $70
Maximum Monthly loan payment = $4,200 - $140 - $70
= $3,990
and,
Maximum back end DTI limit =
or
0.36 × $15,000 = Maximum Monthly loan payment + $140 + $70 + $178
or
Maximum Monthly loan payment = $5,400 - $140 - $70 - $178
= $5,012
Now,
The monthly payment = minimum of [ $3990, $5012 ]
therefore,
The monthly payment = $3,990
Thus,
The maximum amount of loan = Monthly payment ×
here,
k = 12 when compounded monthly
n = 30 years
r = 4.5% = 0.045
The maximum amount of loan = $3,990 ×
or
The maximum amount of loan = $787,471.02