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2 years ago

Using the standard 28/36 guidelines. what is the maximum mortgage payment allowed for someone with an annual salary of $62,550?

Mathematics

1 answer:

Alex73 [517]2 years ago

3 0

The maximum mortgage payment allowed for someone with an annual salary of $62,550 is $1,459.50.

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

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