A doctor would like to get prequalified to purchase a home. She makes 175,000 per...
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- A doctor would like to get prequalified to purchase a home. She makes 175,000 per year. The bank has a maximum TDS ratio of 40%. The interest rate she will pay is 4.00% APR on a 30-year monthly mortgage. Her other debt payments are $3,800 a month in student loans and $430 a month for a car lease. Taxes are estimated to be $8,500 a year. Based on the TDS ratio only, what is the largest mortgage for which she can qualify? (6 make-up points)
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