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What is the maximum amount you could borrow

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Reference no: EM132919900

Question - A bank loan officer has told you that given your current income the bank has calculated that you could afford monthly payments of $3,200. Just then the conversation is interrupted by an urgent phone call the loan officer has been waiting for. You know that the bank is willing to offer you a thirty (30) year loan at 5.5% per annum calculated monthly. What is the maximum amount you could borrow? (Assume that the bank is satisfied with the security margins in place).

a. $558,095.81

b. $46,507.98

c. $563,589.64

d. $465,079.85

e. None of the above

Reference no: EM132919900

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