Fred and Wilma are newlyweds, anxious to purchase their first home. Kate, their real estate broker, is taking them through the pre-qualification process. Kate is using the income-to-housing expense ratio to gauge Fred and Wilma's affordability. Kate is using 35% of income as the housing expense limit. Fred and Wilma's annual combined income is $160,000.00 . Calculate their maximum housing expense
limit.
What will be an ideal response?
$4,666.66 or $4,6667.00 . ($160,000.00 X .35 = $56,000 ÷ 12 = $4,6666.66)
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What will be an ideal response?
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