Given the Following Information on a Fixed-Rate Loan,determine the Maximum

question 20

Multiple Choice

Given the following information on a fixed-rate loan,determine the maximum amount that the lender will be willing to provide to the borrower.Loan Term: 30 years,Monthly Payment: $800,Interest Rate: 6%.

• A)$6,707
• B)$9,295.15
• C)$13,333
• D)$133,433

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