Pete and Pam Want to Purchase a New Home but Don't

question 239

Multiple Choice

Pete and Pam want to purchase a new home but don't know how much mortgage they can qualify for.The lender requires total installment loan payments not exceed 32% of gross monthly income.Based on Pete and Pam's financial data below,what is the maximum monthly mortgage payment for which they can qualify?

• A) $1,700
• B) $1,600
• C) $ 900
• D) $ 600
• E) $ 500

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Definitions:

Power Attorney

A legal document that authorizes one person to act on another's behalf in legal, financial, or healthcare decisions.

Agency Agreement

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