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You are looking to buy your first house. The cost of the house is $325,000....

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Finance

You are looking to buy your first house. The cost of the house is $325,000. The bank has agreed to make a loan to you for 30 years at 3.15% if you can make a down payment of 7.00%, and the loan payments do not exceed 36% of your gross monthly income.

Based upon this information:

What is the amount of the mortgage loan that the bank will lend to you?

What will be the amount of your monthly payments?

What must your annual salary be in order to be approved for this loan?

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