Determine adeevas total monthly mortgage payment

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Reference no: EM133629943

Question

The Adeeva's gross monthly income is $3500. They have 18 remaining payments of $320 on a new car. They are applying for a 30-year $97,000 mortgage at 7.0%. The taxes and insurancE on the house are $370 per month. The bank will only approve a loan that has a total monthly mortgage payment of principal, interest, property taxes, and homeowners insurance that is less than or equal to 28% of their adjusted monthly income.

Determine 28% of the Adeeva's adjusted monthly income.

Determine the Adeevas total monthly mortgage payment, including principal, interest, taxes, and homeowners insurance.

Do they qualify for this mortgage?

Reference no: EM133629943

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