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. $246,808.88 b. $265,794.18 c. $279,781.82 d. $290,363.39 e. None of the above