Ms. burke earns $32,000 per year and plans to buy a house. use the banker's rule to determine her maximum allowable mortgage.

1 answer:

7 0

<span>For the answer to the question above bankers right now are looking for a borrower to not spend more than 28-35% of their gross income for housing expenses. Income of $32,000 a year is $2,667 per month. At a presumed 32% rate the maximum allowable mortgage payment is $2,667 x 0.32 = $850 per month. If Ms. Burke has excellent credit, say FICO over 775 and virtually no debts, then $1,000 per month might still be possible.</span>

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katrin [286]

Answer:

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Step-by-step explanation:

Given the expression $x \div 4 + 5 = 8.$ we are to find the value of x;

Step 1; Rearrange the equation:

$\frac{x}{4} + 5 = 8\\$

Step 2: subtract 5 from both sides of the equation:

$\frac{x}{4}+5-5 = 8-5\\\frac{x}{4} + 0 = 3\\\frac{x}{4} = 3\$

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Black_prince [1.1K]

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