Do the shrubs meet this test and pass it

Reference no: EM133247935

Question - The Shrubs ask you to determine if they can meet the affordability test for the monthly payment of the 20-year fixed rate 4.75% mortgage. Their gross monthly income is $4,500. Their monthly principle and interest payment is $646, monthly property taxes are $385, and monthly homeowners insurance is $65. If the lender uses a 26% affordability ratio for monthly payment (i.e., the Mortgage Debt Service), do the Shrubs meet this test and pass it?

Reference no: EM133247935

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