Altin Greene is looking to buy a new apartment in Tirana, the capital of Albania. He visits Credins Bank and reviews all the data that is required to get a loan. He must submit his personal financial data, like his income from work, expenses, and other existing loan payments. The bank then decides, based on specific ratios and data, whether to concede the loan. The list of requirements are: 

(1) Monthly mortgage payments 6 25% of monthly gross (before-tax) income. 

(2) Total monthly installment payments (including the mortgage payments) 6 35% of monthly gross (before-tax) income.

Altin submits the following financial data:

a. Calculate the ratio for requirement 1.

b. Calculate the ratio for requirement 2.

c. Assuming that Altin has adequate funds for the down payment and meets other lender requirements, will he be granted the loan?

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Monthly gross (before-tax) income Monthly installment loan obligations Requested mortgage Monthly mortgage payments L120,000 15,000 12,000,000 34,000