Real Estate Math
A NH buyer's monthly PITI payment is $2,150. If the lender uses a 28% front-end ratio, what is the minimum gross monthly income required?
A$7,679✓ Correct
B$6,000
C$8,600
D$7,500
Explanation
Min gross income = PITI / Front-end ratio = $2,150 / 0.28 = $7,678.
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