A buyer earns $48,000 salary per year. In order to qualify for an 85 percent loan, his monthly PITI payment cannot be mo

Business, Finance, Economics, Accounting, Operations Management, Computer Science, Electrical Engineering, Mechanical Engineering, Civil Engineering, Chemical Engineering, Algebra, Precalculus, Statistics and Probabilty, Advanced Math, Physics, Chemistry, Biology, Nursing, Psychology, Certifications, Tests, Prep, and more.
Post Reply
answerhappygod
Site Admin
Posts: 899604
Joined: Mon Aug 02, 2021 8:13 am

A buyer earns $48,000 salary per year. In order to qualify for an 85 percent loan, his monthly PITI payment cannot be mo

Post by answerhappygod »

A buyer earns $48,000 salary per year. In order to qualify for an 85 percent loan, his monthly PITI payment cannot be more than 28 percent of his monthly salary. The annual taxes and insurance will be $2,352. If the monthly principal and interest payment is $6.00 per $1,000 of loan amount, what is the most sales price he can afford?
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!
Top
Post Reply

Return to “Archived Questions & Answers”