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QUESTION
Q4 Asking Price $369,000 30 year fixed interest rate at 3.5% Down Payment at @ 20% = 73,800 Estate Tax and Insurance Monthly @ 1.
Q4
- Asking Price $369,000
- 30 year fixed interest rate at 3.5%
- Down Payment at @ 20% = 73,800
- Estate Tax and Insurance Monthly @ 1.3% = $4,00
- Estimated Monthly Payment is $1,726
Please use the above figures to show all work and steps for the below questions:
Suppose that in order to qualify for the loan, the total monthly amount paid cannot exceed 30 percent of monthly income. What is the minimum monthly income needed to qualify for the loan? What is the minimum? Annual income needed? (Note: This is a simplified minimum income requirement calculation, for the purposes of this project, as it does not take into account other costs such as insurance or other loans or assets currently held.)
