Real Estate Math
A lender allows 43% total DTI. The buyer's gross monthly income is $9,500. They have $850/month in existing debts. What is the maximum monthly mortgage payment?
A$3,235✓ Correct
B$2,785
C$4,085
D$3,225
Explanation
Max total debt = $9,500 × 43% = $4,085. Max mortgage payment = $4,085 - $850 = $3,235.
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