Jane and Bob make a combined $140,000 per year. Jane and Bob have monthly debts...
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Jane and Bob make a combined $140,000 per year. Jane and Bob have monthly debts which require total minimum payments of $2,400. They are looking to purchase a home in Champaign County for $360,000. The Assessment Ratio in Illinois is 1/3, and they will qualify for the homestead exemption and the tax rate in the area that they are looking is 8%. Their annual homeowner's insurance costs $1200. Their monthly mortgage payment (principal and interest only) would be $1,374.96. Calculate their front-end and back-end ratios. (7 points) on
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