Jim has an annual income of $300,000. Jim is looking to buy a house with monthly property taxes of $1200 and monthly homeowner's insurance of $300. Jim has $1,500 in monthly student loan payments and an average monthly credit card bill of $1,000. Apple bank has a maximum front end DTI limit of 28% and a maximum back end DTI limit of 36%. Considering both the front end DTI limit and the back end DTI limit, what is the most they will allow Jim to spend on a monthly mortgage payment? O A. $5,500.00 O B. $7,000.00 OC. $5,000.00 O D. $82,500.00

Jim has an annual income of $300,000. Jim is looking to buy a house with monthly property taxes of $1200 and monthly homeowner's insurance of $300. Jim has $1,500 in monthly student loan payments and an average monthly credit card bill of $1,000. Apple bank has a maximum front end DTI limit of 28% and a maximum back end DTI limit of 36%. Considering both the front end DTI limit and the back end DTI limit, what is the most they will allow Jim to spend on a monthly mortgage payment? O A. $5,500.00 O B. $7,000.00 OC. $5,000.00 O D. $82,500.00

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter6: Building And Maintaining Good Credit

Section: Chapter Questions

Problem 1DTM

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