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What is the most sales price he can afford

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Question - A buyer earns $48,000 salary per year. In order to qualify for an 85 percent loan, his monthly PITI payment cannot be more than 28 percent of his monthly salary. The annual taxes and insurance will be $2,352.60. If the monthly principal and interest payment is $6.00 per $1,000 of loan amount, what is the most sales price he can afford?

a. $152,990

b. $155,470

c. $153,992

d. $154,780

Reference no: EM133131024

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