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What is amount of mortgage loan that the bank will lend to

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Reference no: EM132513713

You looking to buy your first house. The cost of the house is $350,000. The bank has agreed to make a loan to you for 30 years at 3.25% if you can make a down payment of 10%, and the loan payments equal 40% of your gross monthly income.

Based upon this information:

Question (1) What is the amount of the mortgage loan that the bank will lend to you?

Question (2) What will be the amount of your monthly payments?

Question (3) How much is your gross monthly income?

Question (4) What must your annual salary be in order to be approved for this loan?

Reference no: EM132513713

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