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# Finance question show the steps and answer

• From Mathematics, General Mathematics
• Due on 21 Oct, 2019 06:54:00
• Asked On 20 Oct, 2019 10:55:28
• Due date has already passed, but you can still post solutions.
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1.       Determine the maximum 30-year fixed-rate mortgage amount for which a couple could qualify if the rate is 5.94 percent. Assume they have other debt payments totaling \$381 per month and a combined annual income of \$86,200. Monthly escrow payments for real estate taxes and homeowner’s insurance are estimated to be \$113 (Assume a 36 percent maximum of annual income for total debt and escrow payments.)

The maximum 30-year fixed-rate mortgage amount for which a couple could qualify if the rate is 5.94% is \$

\$ 5.00

## [Solved] Maximum 30-Year Fixed Rate Mortgage

• This Solution has been Purchased 1 time
• Submitted On 20 Oct, 2019 09:09:21
Maximum 30-Year Fixed Rate Mortgage Step 1: Calculate the total amount that can go to pay their debts and escrow per month Total amount (for paying debts and escrow payments per month) = 36% * \$86,200/12 Total amount (for paying debts and escrow payments per month) = 0.36 * \$7,183.333333 Total amount (for paying debts and escrow payments per ...
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