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Suppose your gross monthly income is $5,500 and your current monthly payments are $625. If the bank will allow you to pay up to 36%

Suppose your gross monthly income is $5,500 and your current monthly payments are $625. If the bank will allow you to pay up to 36% of gross monthly income (less current monthly payments) for a monthly house payment, what is the maximum loan you can obtain if the rate for a 30-year mortgage is 4.65%? (Round your answer to the nearest cent.)

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