Barb and Bob Want to Purchase a New Home but Don't

question 19

Multiple Choice

Barb and Bob want to purchase a new home but don't know how much mortgage they can qualify for. The lender requires that the total installment of loan payments does not exceed 35% of the monthly income. Based on Barb and Bob's financial data given below, what is the maximum monthly mortgage payment for which they can qualify?

• A)$1,400
• B)$1,208
• C)$1,502
• D)$850
• E)$500

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Definitions:

Massachusetts Courts

The judicial system of Massachusetts, responsible for interpreting and applying the law in the state, including various levels from trial courts to the Supreme Judicial Court.

Freedom Suits

Freedom Suits were legal actions by which enslaved Africans in the United States attempted to sue for their freedom in the 18th and 19th centuries.

French and Indian War

A major conflict between 1754 and 1763 in North America, part of a larger imperial struggle between Britain and France, ultimately leading to British dominance in North America.

British Crown

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