Fred has just started his new

FratBro23
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Question description

Fred has just started his new job with an annual salary of £28,800, and is now thinking of buying a house.   After tax and National Insurance is deducted his take-home pay is £22,670.  The mortgage company will not take into account his bonus or his self-employment.  How much can Fred afford to pay in monthly mortgage payments? If interest rates are 5% and Fred takes out a 25-year mortgage, the monthly payment for £100,000 loan would be £584.60.  How much could Fred actually afford to borrow?           

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(Top Tutor) Daniel C.
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School: Rice University
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