Marcus can afford a monthly mortgage payment of $900. if he is eligible for a 30-year, 5% mortgage (where the mortgage factor is 5.37), how much of a mortgage loan can he afford?

Marcus can afford a loan of $167,597.76.

The mortgage factor tells us the monthly principal and interest rate payable for each $1000 of a loan.

Since we know the mortgage factor and the amount Marcus can make each month, we can determine the number of $1000 in his loan amount.

We do this by

This means that Marcus' loan will have 167.5977654 thousands.

Therefore we can find the amount of mortgage loan as

if you use only 25 for your entertainment and only 200 for the groceries that you really need and take out the 50 per month for the computer then that should be enough

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