The monthly amount that should be afford by the family R when their monthly payment is $3,500. Also, identify is there any variations if they were already making monthly installment loan payment that totals to $750 on two car loans.

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using the maximum ratios for a conventional mortgage, how big a monthly payment could one afford if theor gross income is $4,000? Would it make a difference if he already had a car payment of $750?

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Chapter 5, Problem 4FPE

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To calculate: The monthly amount that should be afford by the family R when their monthly payment is $3,500. Also, identify is there any variations if they were already making monthly installment loan payment that totals to $750 on two car loans.

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using the maximum ratios for a conventional mortgage, how big a monthly payment could one afford if theor gross income is $4,000? Would it make a difference if he already had a car payment of $750?

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