Final answer:
The maximum mortgage payment allowed based on the 28/36 rule for someone with an annual salary of $60,750 is $1,417.50 per month.
Step-by-step explanation:
The standard 28/36 rule in mortgage lending states that a household should spend no more than 28% of its gross monthly income on total housing expenses, and no more than 36% on total debt service, which includes housing plus other debt such as car loans and credit card payments.
For someone with an annual salary of $60,750, we first find the monthly salary by dividing by 12:
Using the 28% rule for the housing expense:
Therefore, the maximum mortgage payment allowed for someone with an annual salary of $60,750, according to the standard 28/36 rule, is $1,417.50.