Business, 27.02.2020 04:16 SmartKitty

A lender requires that monthly mortgage payments be no more than 25% of gross monthly income with a maximum termof 30 years. If you can make only a 15% down payment, what is the minimum monthly income needed to purchase a $300,000 house when the interest rate is 6% compounded monthly?

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A lender requires that monthly mortgage payments be no more than 25% of gross monthly income with a...