Bank requires a gross debt service ratio

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Reference no: EM131571628

You earn $115,000 per year and have applied for a 30-year mortgage with monthly payments of $3000. Property taxes on the house are expected to be $3200 per year. If your bank requires a gross debt service ratio of no more than 30 percent, will you be able to obtain the mortgage? Show your calculation.

Reference no: EM131571628

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