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Pavati decided that is was time to start looking for a home and considers their prequalifications for their loan. After talking with a lender, Pavati
Pavati decided that is was time to start looking for a home and considers their prequalifications for their loan. After talking with a lender, Pavati was informed that they uses the qualifying ratios of Pavati's monthly income is $ and has income from interest in an investment of approximately $ a month. Pavatl also has a $ monthly car payment and two credit cards with $ minimum payment and $ minmimum payment each month. If Pavatl estimates that property taxes will cost about $ a year and insurance will cost about $ a year, what is an approximated maximum monthly payment that they can qualify for?
Use the answers to the following to help answer the question.
Estimated monthly payment using the frontend ratio: $
Estimated monthly payment using the backend ratio: $
Estimated maximum monthly payment:
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