Real Estate MathInterestEASY
Using the 28/36 rule, if Marty's gross income is $5,500 monthly, he needs to spend less than ___ in housing costs to qualify for most loans.
Correct Answer
B) $1,540.00
Using the 28% rule: $5,500 × 0.28 = $1,540 maximum for housing costs
Answer Options
A
$1,200.00B
$1,540.00C
$1,996.00D
$5,500.00Video Explanation3 min
Audio Lesson3 min
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Related Topics & Key Terms
Related Topics:
debt-to-income-ratiosloan-qualification-process
Key Terms:
28/36 rulequalifying ratiofront-end ratiogross monthly incomePITI
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