Find maximum monthly mortgage loan payment

Reference no: EM13118445

Shawn has a gross monthly salary of 4200. 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: EM13118445

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