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Using the maximum ratios for a conventional mortgage, how big a monthly payment could the Danforth family afford if their gross (before-tax) monthly income amounted to $6,500? $ Would it make any difference if they were already making monthly installment loan payments totaling $800 on two car loans? Maximum mortgage payment they could make would be $

Respuesta :

To solve for the first question you do $6500*0.3 which will give you $1950. 30% is the max in all situations.

The second half you do $6500*.38= 2470 then subtract the 800 from there which will give you $1670.

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