Question

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

Answer 1

b. $1,417.50

hope everyone passes their test :D

Answer 2

$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)