Using the standard 28/36 guidelines, if the maximum monthly mortgage payment allowed for someone applying for a home loan is $1,085, what is their annual income? a. $36,167 b. $46,500 c. $65,100 d. $162,750

Solution:

As 28/36 guidelines states that 28% of your gross monthly income should be spent on housing finances and 36% of your total monthly income can be considered as an income allowable for Debt.

Let Total gross monthly income = $ x

Amount given as Debt = $ 1085

So, 36 % of x = $ 1085

Annual income=12 × 3013.88=36166.666=$36,167(approx)→Option (A)

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what grade level is this? need to know so i can look in my old textbooks!