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  1. business
  2. accounting
  3. (a)-given that the mortgage lender allows 38% of m

(a)-Given that the mortgage lender allows 38% of monthly gross income for mortgage payment, taxes...

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Accounting

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(a)-Given that the mortgage lender allows 38% of monthly gross income for mortgage payment, taxes and insurance (PITI), estimate for the following situation: (i) the affordable monthly mortgage payment, (ii) the affordable mortgage amount, and (iii) the affordable home purchase price Monthly gross income, $2,950; Down payment to be made --15 percent of purchase price Other debt (monthly payment), $160; Monthly estimate for property taxes and insurance, $2100 30-year loan at 6 percent annual rate (b)-Suggest TWO actions to be taken when selling a home. (8 marks)

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