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Sale price of the house is $220,000, property insurance is 0.4% of house value per year, property tax is 1% of house value per year,

Sale price of the house is $220,000, property insurance is 0.4% of house value per year, property tax is 1% of house value per year, a fully amortized mortgage has loan-to-value ratio of 85, term of 15 years, annual interest rate of 8%, and monthly payments. Other debt, e.g., credit cards, student loans, is $500 a month. What is the front-end qualifying income given the front ratio of 28%?

A.

Between $74,000 and $76,000

B.

Between $76,000 and $78,000

C.

Between $78,000 and $80,000

D.

Between $80,000 and $82,000

E.

Between $82,000 and $84,000

F.

Between $84,000 and $86,000

G.

Between $86,000 and $88,000

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