The Rhodes family is applying for a 30-year FHA mortgage loan at 4.00% interest per year....

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The Rhodes family is applying for a 30-year FHA mortgage loan at4.00% interest per year. Based upon the front-end ratio, what isthe maximum loan the family can afford? Use the most conservativeFHA ratio. Their financial situation is as follows:
Item Amount Frequency Time Remaining
Familly Income 50000 annual
Car loan 350 monthly 36 months
Student loans 180 monthly 110 months
Boat loan 400 monthly 7 months

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Gross monthly Income 50000 12 416731 of the monthly income 1292Monthly payment of each See Answer

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The Rhodes family is applying for a 30-year FHA mortgage loan at4.00% interest per year. Based upon the front-end ratio, what isthe maximum loan the family can afford? Use the most conservativeFHA ratio. Their financial situation is as follows:ItemAmountFrequencyTime RemainingFamilly Income50000annualCar loan350monthly36 monthsStudent loans180monthly110 monthsBoat loan400monthly7 months

Item	Amount	Frequency	Time Remaining
Familly Income	50000	annual
Car loan	350	monthly	36 months
Student loans	180	monthly	110 months
Boat loan	400	monthly	7 months