Pete and Pam 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 32% of gross monthly income.Based on Pete and Pam's financial data below,what is the maximum monthly mortgage payment for which they can qualify?
A) $1,700
B) $1,600
C) $ 900
D) $ 600
E) $ 500

Question

Pete and Pam 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 32% of gross monthly income.Based on Pete and Pam's financial data below,what is the maximum monthly mortgage payment for which they can qualify? 
A) $1,700 
B) $1,600 
C) $ 900 
D) $ 600 
E) $ 500

Quizplus · Accepted Answer

The Answer of Pete and Pam 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 32% of gross monthly income.Based on Pete and Pam's financial data below,what is the maximum monthly mortgage payment for which they can qualify? 
A) $1,700 
B) $1,600 
C) $ 900 
D) $ 600 
E) $ 500

Pete and Pam Want to Purchase a New Home but Don't