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Your gross income is $5,000 per month. The average interest rate (APR) for house loans is 7% APR. You want a house loan with a

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Your gross income is $5,000 per month. The average interest rate (APR) for house loans is 7% APR. You want a house loan with a term of 25 years with monthly payments. The monthly homeowners insurance premiums and property taxes will be $250 Using the 28% rule (Method 1) for determining your maximum mortgage, what is the maximum house loan that you can afford? A. $214,286 B. $35,372 C. $219.305 D. $162,710

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