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Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
Edition 7ISBN: 978-1285448596Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
Edition 7ISBN: 978-1285448596 Exercise 8
Magda Leon is applying for a home mortgage with a monthly PITI of $724. She currently has a gross income of $2,856 and other monthly expenses of $411.
a. What is Magda's housing expense ratio?
b. What is her total obligations ratio?
c. According to the lending ratio guidelines, for what type of mortgage would Magda qualify, if any?
a. What is Magda's housing expense ratio?
b. What is her total obligations ratio?
c. According to the lending ratio guidelines, for what type of mortgage would Magda qualify, if any?
Explanation
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Verified
Consider Magda Leon's monthly gross inco...
Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
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