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The Adeeva's gross monthly income is $5000. They have 18 remaining payments of $350 on a new car. They are applying for a 30-year, $114,000
The Adeeva's gross monthly income is $5000. They have 18 remaining payments of $350 on a new car. They are applying for a 30-year, $114,000 mortgage at 7.0%. The taxes and insurance on the house are $400 per month. The bank will only approve a loan that has a total monthly mortgage payment of principal, interest, property taxes, and homeowners' insurance that is less than or equal to 28% of their adjusted monthly income. Complete parts (a) through (c) below
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