Question

Using the standard 28/36 guidelines, what is the maximum mortgage payment allowed for someone with an annual salary of $73,025? a. $2,190. 75 b. $2,044. 70 c. $1,703. 92 d. $1,217. 8.

Answer 1

The maximum mortgage payment allowed for someone with an annual salary of $73.025 would be $2,190.75 per month, so the correct option is A.

How to determine the amount using the standard 28/36 guides?

To determine, using the standard 28/36 guidelines, what is the maximum mortgage payment allowed for someone with an annual salary of $73,025, the following calculation must be made:

• ((73025 x 36) / 100) / 12 = X
  
• (2,628,900 / 100) / 12 = X
  
• 26,289 / 12 = X
  
• 2,190.75 = X
  

Therefore, the maximum mortgage payment allowed for someone with an annual salary of $73.025 would be $2,190.75 per month.

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