What is the maximum monthly mortgage payment

Reference no: EM13270102

Bill wants to purchase a new home but doesnt know how much mortgage he can qualify for. The lender requires total installment loan payments not exceed 35% of gross monthly income. Based on the financial data below, what is the maximum monthly mortgage payment for which he can qualify? Monthly Gross Income $5,000 Car payment 800 Other installment debt 500.

Reference no: EM13270102

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