Leonard can afford a $1120 monthly mortgage payment. If the current
mortgage rates are 4.6% and he wants a 30-year mortgage, what is the
maximum amount he can afford to borrow?
O
O
O
O
A. $402,921
B. $376,549
c. $400,423
D. $218,475
SUBMIT

$3720

step-by-step explanation:

taxable income = $31000

as per the 2018-2019 us tax bracket, the tax rate is 12% for an individual whose taxable income is between $9,526 to $38,700.

so, the tax to be paid by him = 12% of 31000

= 0.12 * 31000     [12% converted to decimal as 0.12]

= $3720

e^-kt = n/n0 = 0.79  

-kt = ln 0.79  

t = - ln 0.79/0.0001  

= 2357 years

step-by-step explanation: