A couple is applying for a conventional loan with a 95% LTV to purchase a home. The lender has confirmed that the borrower's stable monthly income is $7,200, with revolving debt obligations of$1,000 a month. Lender guidelines for the borrower's front-end ratio may be as high as 35%, while the back-end ratio may not exceed 43%. What adjustments in income or debt would be necessary for the couple to qualify for a $350,000 home? Use the following for calculations: property tax, $4,200 annually; hazard insurance annual policy, $900;PMI annual cost, 0.0040 of loan amount; loan factor is $4.99 per $1,000. a. The monthly income would have to increase by at least $300. b. The monthly debt would have to decrease by at least $300. c. The monthly debt would have to decrease by at least $100. d. The monthly income would have to increase by $100, and the monthly debt would have to decrease by $100