"Jim has an annual income of $240,000. Jim is looking to buy a house with monthly...

Question

Question

Jim has an annual income of $240,000. Jim is looking to buy a house with monthly property taxes of $1,000 and monthly homeow

Answer 1

Answer #1

Monthly Maximum Housing expenses = 28%*240000/12 = 5600

Maximum monthly mortgage = Monthly Maximum Housing expenses -Taxes-Insurance

= 5600-1000-200

= 4400

Answer 2

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