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The bank has determined that, based on a TDS ratio of 40 percent and other factors, the maximum monthly mortgage payment that lanna qualifies to
The bank has determined that, based on a TDS ratio of 40 percent and other factors, the maximum monthly mortgage payment that lanna qualifies to make is $2159. The five-year fixed rate of interest is 6 percent compounded semi-annually and the mortgage is to be amortized over 25 years. What is the maximum value of the mortgage that lanna may obtain from the bank? A. $487,057 B. $351,990 C. $300,326 D. $337,446
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