How much of a payment can they afford

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Reference no: EM133615953

Problem: Your borrowers have monthly income of $15,000, in the neighborhood that they are looking to purchase the average property tax per year is $4,800 and the average heat cost per year is $2,400. Their monthly debt payments are $500 from a line of credit. If the TDS cannot be more than 40%, how much of a payment can they afford?

Reference no: EM133615953

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