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  3. 19. mr. assan makes $11,345/month. he is applying

19. Mr. Assan makes $11,345/month. He is applying for a mortgage that requires at most...

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Accounting

19. Mr. Assan makes $11,345/month. He is applying for a mortgage that requires at most 28% front end PTI and 36% back-end PTI. His other debt obligations are estimated to be around $1,300/month. What is the maximum qualified mortgage payment that Mr. Assan can have?

20. A 30-year 1/1 ARM has an initial rate of 3.85%. In the future, the rate will reset to 225 basis points above the LIBOR index with no rate caps or floors. In 1 year, at the time of the first reset, the LIBOR is 1%. What interest rate will be used to compute payments at the first reset? Write your answers as a percent rounded to two decimal points without any signs (e.g. if you get 4.5699%, write 4.57)

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