u Question 15 2.86 pts is extra insurance that lenders require from most homebuyers who obtain loans that are more than 80% of their new home's value. In other words, buyers with less than a 20% down payment are normally required to pay this. OPTI PMI O FHA O APR U Question 16 2.86 pts What does PITI stand for? Principal, Insurance, Taxes, Inspections O Principal, Interest, Taxes, Insurance O . Principal, Interest, Title fees, Insurance O Payments, Interest, Taxes, Insurance You have an annual gross income of $36,000 (monthly gross income then is $3,000). Using the front- end ratio for maximum mortgage payment (PITI) estimation, what is your maximum PITI payment using your monthly gross income as a guide (using the 28% benchmark)? $640 $880 $680 O $840 Question 18 2.86 pts Hector and Maria have been married for almost one year now and are thinking about buying a house. Together they make $8,000 in gross monthly income. Between them they have a monthly payment of $400 in student loans, $720 in car loans, and other furniture and appliance loans totaling $450 per month. Hector and Maria found a home they love and the monthly mortgage payment (PITI) would be $1,250. Based on their incomes, what is their back-end ratio and is it acceptable? 15.63%, yes 35.25%, yes 15.63%, no 35.25%, no