What is the minimum income required

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Reference no: EM131916160

Mr. and Mrs. Young are considering the purchase of a $250,000 property.

The monthly principal and interest payments will be $2,392.11, annual property taxes amount to $4,392.50 and heating costs will be approximately $1,650.00.Lender Inc will finance the property provided that the buyers meet the GDS ratio of 32% (includes 30% + 2% for heating costs).

What is the minimum income required? rounded to nearest dollar.

Reference no: EM131916160

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