Jim has an annual income of 185000 jim is looking to buy a, Ask an Expert

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Jim has an annual income of $185,000. Jim is looking to buy a house with monthly property taxes of $140 and monthly homeowner’s insurance of $70. Jim has $178 in monthly student loan payments.

Apple bank has a maximum front end DTI limit of 28% and a maximum back end DTI limit of 36%. Both limits must be satisfied.

Apple bank is offering a fully amortizing 30 year FRM at an annual rate of 4%, with monthly payments, compounded monthly. What is the biggest loan Jim can get?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92698150

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