The total monthly payment for a home mortgage loan isaffected by the property tax and insurance. This amount isaround 15% of the principal plus interest payment that youcalculated in the previous...

The total monthly payment for a home mortgage loan is
affected by the property tax and insurance. This amount is
around 15% of the principal plus interest payment that you
calculated in the previous problem. Moreover, as a rule of
thumb, a family should not devote more than 28% of its
gross income for home loan payments. With this information,
find the amount that a family must earn to afford a
$200,000 mortgage loan using the APRs of the previous
problem.

Extracted text: A B C D E Minimum Total Annual Annual Рayment Рayment (12 x Income APR Monthly (1.15 x (%) (Column D/ Payment Column B) Column C) 0.28) 4 8 12