document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1087687>Question 1087687</A>: <I><SPAN STYLE=\"word-break: break-all;\"> If mortgage lending institutions apply the “30% rule” (monthly mortgage payment of<BR>\n" );
document.write( "combined principal and interest cannot exceed 30% of borrower’s monthly take-home pay) to a borrower with monthly take-home pay of $4280, what is the maximum monthly payment this borrower can handle? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #702038 by </B><A HREF=/tutors/aboutme.mpl?userid=Theo><B>Theo(13342)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Theo><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=Theo><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=702038\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> If mortgage lending institutions apply the “30% rule” (monthly mortgage payment of combined principal and interest cannot exceed 30% of borrower’s monthly take-home pay) to a borrower with monthly take-home pay of $4280, what is the maximum monthly payment this borrower can handle?\r<BR>\n" );
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document.write( "the monthly take home pay is 4280.\r<BR>\n" );
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document.write( "30% of 4280 = .3 * 4280 = 1284.\r<BR>\n" );
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document.write( "the maximum monthly payment on the mortgage should not exceed 1284.\r<BR>\n" );
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