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10. What is the maximum loan amount the bank will lend you if your gross monthly income is $6000, you have $400 in monthly long-term

10. What is the maximum loan amount the bank will lend you if your gross monthly income is $6000, you have $400 in monthly long-term obligations, and you can make a down payment of 15% of the home price given the following lenders loan parameters?

Interest Rate: 6.5%

Loan type: 30 years

Housing Expense Ratio: 28%

Total Debt Ratio: 41%

a. 265,794.18 b. 246,808.88 c.192,857.97 d. 279,781.82

THE ANSWER IS NOT $265,794.18 ....

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