THE NEXT TWO (2) QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION: Adina, a prospective homebuyer, has applied for a mortgage loan to finance the purchase of a townhouse listed at $350,000. The market value of this townhouse is $325,000 and the lender has assigned a $275,000 lending value to it. The lender demands a 30% gross debt service ratio and an 80% loan-to-value ratio. Adina's annual income is $100,000, property taxes are $5,200 per annum, and, if approved, the loan is to be repaid with monthly payments over 25 years. The interest rate is j2=12%. 12. Calculate the maximum loan allowable under the lender's loan-to-value criterion. (1) $220,000 (2) $206,250 (3) $260,000 (4) $280,000 13. Assume that the monthly payments on Adina's loan are agreed to be $2,750. Calculate the minimum level of borrower's income (rounded to the nearest $1,000 ) necessary to support these monthly payments, under the lender's gross debt service ratio of 30%. (1) $110,000 (2) $318,000 (3) $240,000 (4) $127,000