Calculate the maximum loan amount for which JoAnne could qualify given the following information. Assume she satisfies the back-end ratio.

Front end ratio: 29%

GMI: $6,500

Note rate: 5%

Term: 30 years

Pmt Frequency: Monthly

Annual property taxes: $125

Annual hazard insurance: $95

a. $347,726 b. $351,141 c. $349,200 d. $293,704 e. None of the selections is within a $1 of the correct answer

**Answer is (a) $347,726, please show me how to get this. Thanks!