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Case 3. Jackson's monthly gross income is $5,500, and currently he pays $500 per month for his car loan. Jackson is planning to buy a

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Case 3. Jackson's monthly gross income is $5,500, and currently he pays $500 per month for his car loan. Jackson is planning to buy a new home with mortgage. The bank tells him that, to qualify for the best 30 -year mortgage interest rate of 6%, his monthly mortgage payment must not exceed 28% of his gross income, and his total debt-to-income ratio must not be higher than 33%. Refer to Case 3 above. According to the bank's rule, to qualify for the best interest rate, Jackson's monthly mortgage payment must not exceed $. 1.040 1,540 1.815 Reter to Case 3 With the banks best interest nate 6% for a 30 vear mortgage, the maximum amount of principal that Jackan can borrow from the bank is closest to : Note: tre the antwer you got in the previous question as the monthly payment. 167.553 35:son 219.331 276,778

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