Note: Enter your answer and show all the steps that you use to solve this problem in the space provided. Your parents are buying a house for $187,500. They have a good credit rating, are making a 20% down payment, and expect to pay $1,575/month. The interest rate for the mortgage is 4.65%. What must their realized income be before each month?
Be sure to include the following in your response:
• the answer to the original question
• the mathematical steps for solving the problem demonstrating mathematical reasoning