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Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman
Edition 8ISBN: 978-1305585454Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman
Edition 8ISBN: 978-1305585454 Exercise 55
Jamie and Alice New mark have a combined monthly gross income of $9,702 and monthly expenses totaling $2,811. They plan to buy a home with a mortgage whose monthly PITI will be $2,002.
a. What is Jamie and Alice's combined housing expense ratio
b. What is their total obligations ratio
c. For what kind of mortgage can they qualify, if any
d. (Optional challenge) By how much would they need to reduce their monthly expenses in order to qualify for an FHA mortgage
a. What is Jamie and Alice's combined housing expense ratio
b. What is their total obligations ratio
c. For what kind of mortgage can they qualify, if any
d. (Optional challenge) By how much would they need to reduce their monthly expenses in order to qualify for an FHA mortgage
Explanation
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Verified
Consider Jamie's and Alice Newmark's mon...
Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman
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