Real Estate Math
A Vermont buyer earns $85,000 annually. Using a 28% front-end ratio, what is the maximum allowable monthly housing payment?
A$1,683
B$1,983✓ Correct
C$2,383
D$2,583
Explanation
Monthly gross income = $85,000 / 12 = $7,083.33. Maximum housing payment = 28% x $7,083.33 = $1,983.33.
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