Find maximum monthly mortgage loan payment

Assignment Help Basic Statistics

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

Questions Cloud

Three-digit number and reverse the digits : Amber has been amazing her friends with a math trick. Amber has a friend select a three-digit number and reverse the digits. The friend then finds the difference of the two numbers and reads the first two digits of the difference

Find probability that members are significantly overweight : A membership drive in a metropolitan area resulted in 500 new members. What is the probability that 175 or more of the new members are significantly overweight?

Calculate the ratio of the electrophoretic mobilities : Consider two DNA molecules: one 400 base pairs long, the other 800 base pairs long. Assuming that each is a rigid rod of diameter 25 Å, with a length of 3.4 Å per base pai.

What is the probability with a standard deviation : The mean of the sales is 141.1 with a standard deviation of 13.62. What is the probability that he will not be able to sell 160 or more widgets in the next year?

Find maximum monthly mortgage loan payment : No more than 36% of the monthly gross income. what is the maximum monthly mortgage loan payment for which shawn can be approved?

Evaluate the sum of the magnitude of the forces of friction : If the blocks move determine the magnitude of their acceleration. If the blocks move determine the magnitude of the tension in the string. If the blocks do not move evaluate the sum of the magnitude of the forces of friction acting on the blocks...

Determining radicals and rational exponents : Comparing wind chills. Use the formula from Exercise 107 to determine who will feel colder: a person in Minneapolis at 10°F with a 15-mph wind or a person in Chicago at 20°F with a 25-mph wind.

What are instance of variables that follow a binomial : What are examples of variables that follow a binomial probability distribution? What are examples of variables that follow a Poisson distribution?

Research paper on crime, life, and the death penalty : Write an research paper on Crime, Life, and the Death Penalty it should include total 1000 words and should be properly cited.

User Account

All Pages