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07-13-2010, 12:48 PM
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Need Help With a Math Problem About Mortgages?
To qualify for a home loan, a bank requires that the monthly mortgage payment be less than 25% of a borrower's monthly take-home income. A laboratory technician has deductions for taxes, insurance, and retirement that amount to 25% of the technician's monthly gross income. What minimum monthly income must the technician earn to receive a bank loan that has a mortgage payment of $1200 per month?
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07-13-2010, 02:04 PM
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The cutoff is where $1,200 = 25% of take home pay. Take home must be $4,800 or more. This is 75% of the lab tech's monthly income. The tech's monthly gross income must therefore be $6,400 or more
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