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18 September, 21:52

Using the standard 28/36 guidelines, if the maximum monthly mortgage payment allowed for someone applying for a home loan is $1,085, what is their annual income?

a.$36,167

b.$46,500

c.$65,100

d.$162,750

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Answers (2)
  1. 19 September, 01:31
    0
    Answer to this question is b. 46500

    Explanation:

    According to 28/36 guidelines, a household shall not spend more than 28% of its monthly income on housing expenses.

    Applying the above rule, the monthly income of a household shall be calculated as follows:

    28% x household monthly income=1085$

    household monthly income=1085/28%=3875

    Annual household income=3875 x 12=46500

    Answer to this question is b. 46500
  2. 19 September, 01:52
    0
    the answer is letter B. $46,500
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Home » Business » Using the standard 28/36 guidelines, if the maximum monthly mortgage payment allowed for someone applying for a home loan is $1,085, what is their annual income? a.$36,167 b.$46,500 c.$65,100 d.$162,750
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