Question

a realtor found a home for a couple that will require a monthly loan payment of $1490. if the lender insists that the buyer’s monthly payment not exceed 25% of the buyer’s monthly income, find the minimum monthly income required by the lender.
the minimum monthly income required by the lender is $\square$.
(round to the nearest dollar as needed.)

Explanation:

Step1: Define the relationship

Let \( I \) be the monthly income. The loan payment (\( \$1490 \)) is 25% of the monthly income. So we have the equation \( 0.25I = 1490 \).

Step2: Solve for \( I \)

To find \( I \), we divide both sides of the equation by 0.25: \( I=\frac{1490}{0.25} \).
Calculating \( \frac{1490}{0.25} = 1490\times4 = 5960 \).

Answer:

5960