1 pts Assume that your gross monthly income (GMI) is $6,000, your estimated monthly property tax is $400 and your monthly property insurance is $100. Your bank quotes you a 30-year, monthly payment loan, with a 6% APR. If your bank requires a maximum mortgage debt ratio (MDR) of 25%, what is the maximum amount you can borrow? (Note: Find the PITI first using the MDR and the GMI, then find the Pl. The PI is the PMT in a mortgage annuity calculation, which you have to solve for the amount borrowed). $205,101 $166,792 $188,122 $148,020