Qualifying for a Mortgage Pietr and Helga Guenthers gross
Chapter 11, Problem 11.1.243(choose chapter or problem)
Qualifying for a Mortgage Pietr and Helga Guenthers gross monthly income is $3200. They have 25 remaining car payments of $335. The Guenthers are applying for a 15-year, $150,000 mortgage at 5% interest to buy a new house. The taxes and insurance on the house are $225 per month. Their credit union will approve a loan that has a total monthly mortgage payment of principal, interest, property taxes, and homeowners insurance that is less than or equal to 28% of their adjusted monthly income. a) Determine 28% of the Guenthers adjusted monthly income. b) Determine the Guenthers total monthly mortgage payment, including principal, interest, taxes, and homeowners insurance. c) Do the Guenthers qualify for this mortgage?
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