SOLUTION: Need help with formulating an equation for the following mortgage question.
Suppose that in order to qualify for the loan, the total monthly payment cannot exceed 30% of monthly
Algebra.Com
Question 1128651: Need help with formulating an equation for the following mortgage question.
Suppose that in order to qualify for the loan, the total monthly payment cannot exceed 30% of monthly income. What is the minimum monthly income needed to qualify for the loan? What is the minimum annual income needed?
The mortgage payment for this is $2,500.50
Thank you in advance for any help provided.
Answer by MathLover1(20850) (Show Source): You can put this solution on YOUR website!
if the mortgage payment for this is $, it is a %= of monthly income and
$
$
$
Therefore, your monthly income need be not less than $ to qualify for the loan.
RELATED QUESTIONS
The Ability-to-Repay Rule, adopted by the Consumer Financial Protection Bureau in... (answered by Theo)
Sydney earns $2,800 a month. To qualify for a mortgage, her monthly payments must be less (answered by stanbon)
Sydney earns $2300 a month. To qualify for a mortgage, her monthly payments must be 35%... (answered by stanbon)
GIVEN:
Monthly mortgage payment = 514.980676
We can calculate how much of a... (answered by ankor@dixie-net.com)
Elena must get at least $120,000 for her house in order
to break even with the original... (answered by AnlytcPhil)
Five years ago, you bought a house for $151,000, with a down payment of $30,000, which... (answered by richard1234)
It has been found that IQ scores are normally distributes with a mean of 108 and a... (answered by stanbon)
1) Suppose you are have purchased a house and need a loan for $255,000. You decide to do... (answered by Theo)
In order to qualify for a position, an applicant must score 86 or higher on a skills... (answered by Boreal)