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Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
Edition 7ISBN: 978-1285448596Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
Edition 7ISBN: 978-1285448596 Exercise 3
Phil Armstrong earns a gross income of $5,355 per month. He has submitted an application for a fixed-rate mortgage with a monthly PITI of $1,492. Phil has other financial obligations totalling $625 per month.
a. What is his housing expense ratio?
b. What is his total obligations ratio?
c. According to the Lending Ratio Guidelines on page 468, for what type of mortgage would Phil qualify, if any?
a. What is his housing expense ratio?
b. What is his total obligations ratio?
c. According to the Lending Ratio Guidelines on page 468, for what type of mortgage would Phil qualify, if any?
Explanation
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Consider Phil Armstrong's monthly gross ...
Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
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