Peter wants to buy a duplex with a purchase price of $226,950. peter can afford a 10% down payment. peter earns $2,985 a month and wants to spend no more than 10% of his income on his mortgage payment. peter is going to rent out the other half of the duplex. he thinks that if he charges $900 a month in rent this will cover the remainder of his mortgage payment. given that peter has a 30 year mortgage with a fixed rate of 6.25%, how should peter adjust how much he charges for rent of the other half of the duplex?
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Peter wants to buy a duplex with a purchase price of $226,950. peter can afford a 10% down payment....
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