Finance question show the steps and answer
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Determine the maximum 30-year fixed-rate mortgage amount for which a couple could qualify if the rate is 5.94 percent. Assume they have other debt payments totaling $381 per month and a combined annual income of $86,200. Monthly escrow payments for real estate taxes and homeowner’s insurance are estimated to be $113 (Assume a 36 percent maximum of annual income for total debt and escrow payments.)
The maximum 30-year fixed-rate mortgage amount for which a couple could qualify if the rate is 5.94% is $
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Paper, Order, or Assignment Requirements
Determine the maximum 30-year fixed-rate mortgage amount for which a couple could qualify if the rate is 5.94 percent. Assume they have other debt payments totaling $381 per month and a combined annual income of $86,200. Monthly escrow payments for real estate taxes and homeowner’s insurance are estimated to be $113 (Assume a 36 percent maximum of annual income for total debt and escrow payments.)
The maximum 30-year fixed-rate mortgage amount for which a couple could qualify if the rate is 5.94% is $
