Cristal's gross semimonthly salary is $2968.50. What is the maximum amount she can afford to borrow for a home mortgage?

A) $71,244

B) $124,336

C) $142,488

D) $154,362

Question

Mathematics

Angus

28 August, 14:56

Cristal's gross semimonthly salary is $2968.50. What is the maximum amount she can afford to borrow for a home mortgage?

A) $71,244

B) $124,336

C) $142,488

D) $154,362

+4

Answers (1)

Know the Answer?

Isabel Fisher · Answer 1

My answer is: A. $71,244

Given:

gross semi monthly salary - $2,968.50

2,968.50 * 2 = 5,937 gross monthly salary

5,937 * 12 months = 71,244 gross annual salary.

$71,244 is the maximum amount Cristal can afford to borrow for a home mortgage.

The amount that can be borrowed for a home mortgage is dependent on the monthly income and monthly expenses. One must not borrow more then they can afford to pay to avoid foreclosure.

Cristal's gross semimonthly salary is $2968.50. What is the maximum amount she can afford to borrow for a home mortgage?A) $71,244B) $124,336C) $142,488D) $154,362

Cristal's gross semimonthly salary is $2968.50. What is the maximum amount she can afford to borrow for a home mortgage?

A) $71,244

B) $124,336

C) $142,488

D) $154,362