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Ilan has a net monthly salary of 2,200 and needs a loan to buy a home. The bank can only lend him an amount not

Ilan has a net monthly salary of 2,200 and needs a loan to buy a home. The bank can only lend him an amount not exceeding 1/3 (33.33%) of his monthly salary. The bank offers him an annual rate of 1.2% and monthly annuity over 15 years. Calculate borrowing capacity (The maximum amount the bank can borrow to Ilan).

Select one: a. 167520 b. 148520,61 c. 187520,61 d. 120804

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