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Finance question show the steps and answer

  • From Business, General Business
  • Due on 21 Oct, 2019 02:14:00
  • Asked On 20 Oct, 2019 06:15:33
  • Due date has already passed, but you can still post solutions.
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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 $

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