Dennis wants to buy a $370,000 house with a 20% down payment. He is looking at a 20-year mortgage at 2.85%. (a) The monthly mortgage payment is $ Round answer to the nearest ten. No comma. No decimal. No $ sign. (b) If the debt payments or other obligations, including the mortgage Dennis is seeking, is to be no more than 36% of his monthly pre-tax income, the minimum annual income of Dennis must be , based on the answer in part (a). No comma. No decimal. No $ sign.

Dennis wants to buy a $370,000 house with a 20% down payment. He is looking at a 20-year mortgage at 2.85%. (a) The monthly mortgage payment is $ Round answer to the nearest ten. No comma. No decimal. No $ sign. (b) If the debt payments or other obligations, including the mortgage Dennis is seeking, is to be no more than 36% of his monthly pre-tax income, the minimum annual income of Dennis must be , based on the answer in part (a). No comma. No decimal. No $ sign.

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 15P

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