Question: If Sheri Rieth has total gross monthly earnings of $5,893 and the total PITI for the loan she wants is $1,482, what is the housing ratio? How does this ratio compare with the desired acceptable ratio?
2. Justin Wimmer is financing $169,700 for a home at 5.25% interest with a 20-year fixed-rate loan. Find the interest paid and principal paid for each of the first two months of the loan and find the principal owed at the end of the second month.