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Question 19 3.5 pts Assume monthly Principal and interest on a mortgage loan is$635; monthly Tax and insurance payments is $125; monthly student loan payment
Question 19 3.5 pts Assume monthly Principal and interest on a mortgage loan is$635; monthly Tax and insurance payments is $125; monthly student loan payment is $350: borrower gross monthly income is $2,500. Assuming that the maximum front-end ratio used in underwriting mortgage is 28%, what is the maximum loan amount this borrower can borrow? Assume the current interest is 7%, 30-year loan 572210.56 $82220:49 $86426,85 $89240.19
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