Question

Clara’s gross monthly salary is $3,425

Answer 1

The maximum amount she can afford to borrow for a home mortgage is: $41,100.

Home mortgage

An employees who receive gross monthly salary will get 12months paychecks per year.

Using this formula

Maximum amount= Gross monthly salary× 12 paychecks

Let plug in the formula

Maximum amount=$3,425×12 months

Maximum amount=$41,100

Inconclusionhe maximum amount she can afford to borrow for a home mortgage is: $41,100.

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