What is the maximum monthly mortgage loan payment

Reference no: EM13200350

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: EM13200350

Questions Cloud

How to find all the pure-strategy nash equilibria : A single unit of a good is to be sold via an auction. There are two bidders, A and B. They are assumed to be risk-neutral. The seller knows that there are five possible values of willingness to pay, $100, $200, $300, $400 and $500.

At what time were the two boats closest together : A boat leaves a dock at 2pm and travels due south at a speed of 20km/h. Another boast has been heading due east at 15km/h and reaches the same dock at 3. at what time were the two boats closest together?

State the ratio of staff to patients at lakeview : The ratio of staff to patients at Lakeview is 8 to 7. If total staff plus patients is 1575 people,how many staff are at Lakeview?

How fast is the tip of the man shadow moving : eet light is hung 18 ft above street level. A 6-foot tall man standing directly under the light walks away at a rate of 3 ft/sec. How fast is the tip of the man's shadow moving? Show all work. Answer should be in fractional form with units as ft/s..

What is the maximum monthly mortgage loan payment : what is the maximum monthly mortgage loan payment for which Shawn can be approved?

Define combinatorial proof that the number of n-palindromes : Examples of 6-palindromes include {2,5} and the empty set. Show with a combinatorial proof that the number of n-palindromes equals 2^(n/2) for n even, and 2^(n+1/2) for n odd. (Hint: A set of cardinality k has 2k subsets.)

What is your expected pretax economic profit : You have worked as a real estate agent for 10 years and are earning about $100,000 per year with your current agency. You prepared the following information to use in evaluating the financial feasibility of starting your own agency.

Write a function rule for the area of a rectangle : write a function rule for the area of a rectangle whose length is 4 inches more than its width.

Capital budgeting evaluating cash flows : Should the firm operate the truck until the end of its 5-year physical life? If not, then what is its optimal economic life and would the introduction to salvage values, in addition to operating cash flows, ever reduce the expected NPV and/or IRR of ..

User Account

All Pages