Suppose your gross monthly income is $5,000 and your current monthly payments are $525. If the bank will allow you to pay up to 50% of your gross monthly income (less current monthly payments) for a monthly house payment, what is the maximum loan you can obtain if the rate for a 25-year mortgage is 12%?

Please round the answer to the nearest cent.

$ __________

Question

Suppose your gross monthly income is $5,000 and your current monthly payments are $525. If the bank will allow you to pay up to 50% of your gross monthly income (less current monthly payments) for a monthly house payment, what is the maximum loan you can obtain if the rate for a 25-year mortgage is 12%?
​
Please round the answer to the nearest cent.
​
$ __________

Quizplus · Accepted Answer

The Answer of Suppose your gross monthly income is $5,000 and your current monthly payments are $525. If the bank will allow you to pay up to 50% of your gross monthly income (less current monthly payments) for a monthly house payment, what is the maximum loan you can obtain if the rate for a 25-year mortgage is 12%?
​
Please round the answer to the nearest cent.
​
$ __________

Suppose Your Gross Monthly Income Is $5,000 and Your Current