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
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Suppose that in order to qualify for the loan, the total monthly payment cannot exceed 30% of monthly
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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.
