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Using the standard 28/36 guidelines, what is the maximum mortgage payment allowed for someone with an annual salary of $60,750?

User Mcfinnigan
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2 Answers

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b. $1,417.50

hope everyone passes their test :D

User Santosh Prasad Sah
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4 votes

Answer:

$1,417.50

Explanation:

the above value is calculated using the formula according to guideline of 28/36

M= P r(1+r)ⁿ/ (1+r)ⁿ -1

M = mortgage monthly payment.

P = principal amount

r = interest rate monthly (

n = number of payments ( total number of months for paying loans)

User Shikhanshu
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