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Jordan earns an annual salary of $46,320. if a lender uses 33% of monthly gross income as a guideline for the maximum piti (principal, interest, taxes, and insurance), what is the maximum amount that jordan can pay for piti each month?

Respuesta :

Answer: The correct answer is $1,273.80.

Explanation: If the maximum amount that Jordan can pay for principal, interest, taxes and insurance each month is 33% of their annual salary of $46,320, then they need to keep this amount under $15,285.60 per year. If this is the annual amount, then it needs to be divided by 12 in order to calculate the monthly maximum. $15,285.60 / 12 = $1,273.80.

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