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Pete and Pam Want to Purchase a New Home but Don't

Question 49

Multiple Choice

Pete and Pam want to purchase a new home but don't know how much mortgage they can qualify for.The lender requires total installment loan payments not exceed 32% of gross monthly income.Based on Pete and Pam's financial data below,what is the maximum monthly mortgage payment for which they can qualify? Pete and Pam want to purchase a new home but don't know how much mortgage they can qualify for.The lender requires total installment loan payments not exceed 32% of gross monthly income.Based on Pete and Pam's financial data below,what is the maximum monthly mortgage payment for which they can qualify? A) $1,700 B) $1,600 C) $ 900 D) $ 600 E) $ 500


A) $1,700
B) $1,600
C) $ 900
D) $ 600
E) $ 500

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