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A lender will grant an 80% loan on a home with an appraised value of $328,400 at 4.75 % annual interest for 15 years. The
A lender will grant an 80% loan on a home with an appraised value of $328,400 at 4.75 % annual interest for 15 years. The monthly payment will require $7.78 per $1,000 of loan amount. How much verifiable monthly gross income must the borrowers earn if the lender permits them to devote 29% of gross monthly income to the principal and interest payment
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