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Using the standard 28/36 guidelines, what is the maximum mortgage payment allowed for someone with an annual salary of $60,750? a. $1,215. 00 b. $1,417. 50 c. $1,701. 00 d. $1,822. 50 Please select the best answer from the choices provided A B C D.

Sagot :

The maximum mortgage payment allowed with an annual salary of $60,750 by using the standard 28/36 guidelines is $1,417.50. Thus Option B. is the correct answer.

What is the 28/36 guideline?

The 28/36 rule is a common-sense formula for determining how much debt a person or household should take on. A person should spend no more than 28% of their monthly gross income on housing expenses, according to this regulation.

So, by using the 28/36 guideline,

28% of 5062.5 (monthly gross income) is equal to $1417.50. Here $ 5062.5 is calculated by dividing $60,750 by 12 to get the monthly gross income.

Therefore, any person earning $60,750 as an annual salary should not spend more than $1417.50 for the purpose of monthly mortgage payments. Option B. is the correct answer.

To learn more about 28/36 guideline, refer to the link:

https://brainly.com/question/26158831

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