Explain what is the maximum monthly mortgage loan

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Reference no: EM13117562

Shawn has a gross monthly salary of $4,200. He has a $325 car loan payment and a $230 student loan payment due each month. He also has two credit card loan payments each month, one of $187 and the other of $233. A bank will only give a mortgage loan if the total amount of monthly payments for all loans, including the mortgage, is no more than 36% of the monthly gross income. What is the maximum monthly mortgage loan payment for which Shawn can be approved?

Reference no: EM13117562

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