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PLEASE ENTER ANSWERS IN BLUE BOLD INK Ann wants a mortgage to buy a house. Ann gives the following information to the bank: Income: $240k/year

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PLEASE ENTER ANSWERS IN BLUE BOLD INK Ann wants a mortgage to buy a house. Ann gives the following information to the bank: Income: $240k/year or 20k/month Average monthly debt: $2k Estimated monthly Taxes + Insurance: $700 Down-payment: $50k saved -Ann's down payment will be $50k, she will take out a mortgage for the remainder Ann qualifies for a 30 year FA-CPM-FRM (monthly payments & monthly compounding) with: Annual interest rate: 4% Income test: (28%/36%) Collateral test: LTV

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