Suppose your gross monthly income is $6,500 and your current monthly payments are $525. If the bank will allow you to pay up to 38% of your gross monthly income (less current monthly payments) for a monthly house payment, what is the maximum loan you can obtain if the rate for a 25-year mortgage is 8.65%?
?
A. $278,588.99
B. $281,481.35
C. $275,178.79
D. $278,465.79
E. $278,454.79
Answer: D
Mathematics
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