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I have a personal fiance question in which it has a question. The question states that a couple's earning are 55,000 and 38,000 per year ,respectively.Thy have also saved for emergency about 130,000 in a money market fund on which they earn 5,840 per year.
The Bank uses 30 percent of their monthly gross income as a guideline for mortgage payment in which the bank offers a 20 year variable rate loans with an initial interest rate of 7 percent I have to find the affordable mortgage and the affordable purchase price for Kim and Dan(The couple).
So do I count the 5,840 a year from the money market fund as gross income? Because if I do then the monthly gross income is (55,000+38,000+5,840)/12= 8236.666667. Then then the affordable mortgage payment becomes 8236.666667 x 0.3 = 2471
Affordable mortgage=(2471/7.75)x 100=318839(nearest dollar)
S0 affordable home purchase price is 318839/0.9= 354265.
If I dont include the 5,840 a year, the affordable price becomes different. please do help
The Bank uses 30 percent of their monthly gross income as a guideline for mortgage payment in which the bank offers a 20 year variable rate loans with an initial interest rate of 7 percent I have to find the affordable mortgage and the affordable purchase price for Kim and Dan(The couple).
So do I count the 5,840 a year from the money market fund as gross income? Because if I do then the monthly gross income is (55,000+38,000+5,840)/12= 8236.666667. Then then the affordable mortgage payment becomes 8236.666667 x 0.3 = 2471
Affordable mortgage=(2471/7.75)x 100=318839(nearest dollar)
S0 affordable home purchase price is 318839/0.9= 354265.
If I dont include the 5,840 a year, the affordable price becomes different. please do help
Do i count the money market fund as gross income?
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