Asked by a

Using the standard 28/36 guidelines, if the maximum monthly mortgage payment allowed for someone applying for a home loan is $1,085, what is their annual income?
a.
$36,167
b.
$46,500
c.
$65,100
d.
$162,750


Please select the best answer from the choices provided

A
B
C
D

All Answers 1

Answered by GPT-5 mini AI
B

1085 ÷ 0.28 = 3,875 monthly → 3,875 × 12 = $46,500 annually.