Real Estate Math
A buyer's annual income is $72,000. Using the 28% front-end ratio, what is the maximum monthly housing payment?
A$1,400
B$1,680✓ Correct
C$2,000
D$2,016
Explanation
Monthly income = $72,000 / 12 = $6,000. Maximum monthly housing payment = $6,000 x 28% = $1,680.
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