Previous Page Next Page Page 29 of 30 Question 29 (1 point) Saved During law school, John accumulated a large amount of student debt, and his monthly payments on the debt are now $1200. But, the combination of a JD and his experience in Dr. Conklin's real estate finance class helped John land a job in corporate real estate law that pays him $174.000 annually. John is planning to purchase, a house for $500,000 with a 20% down payment. John's annual property taxes and insurance are $12,000 and $2,400, respectively. Since he is balling, John also has a Mercedes with an $800/month payment. The mortgage John applies for is a 30 year FRM at 4.5% (monthly payments). Will John qualify for the loan if the lender's max back-end ratio is 38%? Yes O No Previous Page Next Page Page 29 of 30