The Jacksons want to buy a condo in Langley. This will be their first property. Their combined gross annual salary is $108,000. They estimate that the property taxes are $2,400/year, strata fees $200/month and heating costs average $50/month. Banks use the affordability rule: no more than 32% of gross monthly hosehold income can go tawards paying the mortgage, property taxes, heating costs and 50% of the condo fees. What is the maximum monthly mortgage payment they could afford? Your Answer:
The Jacksons want to buy a condo in Langley. This will be their first property. Their combined gross annual salary is $108,000. They estimate that the property taxes are $2,400/year, strata fees $200/month and heating costs average $50/month. Banks use the affordability rule: no more than 32% of gross monthly hosehold income can go tawards paying the mortgage, property taxes, heating costs and 50% of the condo fees. What is the maximum monthly mortgage payment they could afford? Your Answer:
Chapter9: Obtaining Affordable Housing
Section: Chapter Questions
Problem 1DTM
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![The Jacksons want to buy a condo in Langley. This will be their first property. Their
combined gross annual salary is $108,000. They estimate that the property taxes are
$2,400/year, strata fees $200/month and heating costs average $50/month. Banks
use the affordability rule: no more than 32% of gross monthly hosehold income can
go tawards paying the mortgage, property taxes, heating costs and 50% of the condo
fees.
What is the maximum monthly mortgage payment they could afford?
Your Answer:
Answer](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F79e2439f-af18-4d8a-807c-ad7ee47a10fc%2Fcdab41be-47ee-4fba-9214-6033349f3aee%2Fxl22pn_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The Jacksons want to buy a condo in Langley. This will be their first property. Their
combined gross annual salary is $108,000. They estimate that the property taxes are
$2,400/year, strata fees $200/month and heating costs average $50/month. Banks
use the affordability rule: no more than 32% of gross monthly hosehold income can
go tawards paying the mortgage, property taxes, heating costs and 50% of the condo
fees.
What is the maximum monthly mortgage payment they could afford?
Your Answer:
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