You have an annual salary of $72,000 and the bank is willing to allow your monthly...
You have an annual salary of $72,000 and the bank is willing to allow your monthly mortgage payment to be equal to 29% of your monthly income.The interest rate on the loan is 6% per year with monthly compounding for a 30 year fixed rate loan. What is the maximum amount you can borrow from the bank?
A) 258,925
B) 277,499
C) 280,210
D) 290,217
E) 491,075
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