Barb and Bob want to purchase a new home but don't know how much mortgage they can qualify for.The lender requires total installment loan payments not exceed 35% of gross monthly income.Based on Barb and Bob's financial data below,what is the maximum monthly mortgage payment for which they can qualify?
A) $1,400
B) $1,208
C) $1,050
D) $ 850
E) $ 500

Question

Barb and Bob want to purchase a new home but don't know how much mortgage they can qualify for.The lender requires total installment loan payments not exceed 35% of gross monthly income.Based on Barb and Bob's financial data below,what is the maximum monthly mortgage payment for which they can qualify? 
A) $1,400 
B) $1,208 
C) $1,050 
D) $ 850 
E) $ 500

Quizplus · Accepted Answer

The Answer of Barb and Bob want to purchase a new home but don't know how much mortgage they can qualify for.The lender requires total installment loan payments not exceed 35% of gross monthly income.Based on Barb and Bob's financial data below,what is the maximum monthly mortgage payment for which they can qualify? 
A) $1,400 
B) $1,208 
C) $1,050 
D) $ 850 
E) $ 500

Barb and Bob Want to Purchase a New Home but Don't