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A lender requires that monthly mortgage payment be no more than 25% of gross monthly income, with a maximum term of 30 years. If you

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A lender requires that monthly mortgage payment be no more than 25% of gross monthly income, with a maximum term of 30 years. If you can make only a 15% down payment, what is the minimum monthly income you would need in order to purchase a $400,000 home when the interest rate is 6% APR compounded monthly? a) $8,155 b) $2,400 c) $2,040 d) $9,590

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