Jim has an annual income of $225,000. Apple bank has a maximum front end DTI limit of 28%, what is the most they will allow Jim to spend on monthly principal, interest, taxes and insurance? 2. Jim has an annual income of $225,000. Jim is looking to buy a house with monthly property taxes of $700 and monthly homeowner’s insurance of $300. Apple bank has a maximum front end DTI limit of 28%, what is the most they will allow Jim to spend on a monthly mortgage? 3. Jim has an annual income of $225,000. Jim is looking to buy a house with monthly property taxes of $700 and monthly homeowner’s insurance of $300. Jim has $625 in monthly student loan payments. Apple bank has a maximum back end DTI limit of 36%. Given the back end DTI constraint, what is the most they will allow Jim to spend on a monthly mortgage pay

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Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.