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18 March, 08:59

Erica makes $4,840 monthly. What is the maximum loan she can take out on a house? $58,080

$116,160

$100,000

$87,120

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Answers (1)
  1. 18 March, 10:25
    0
    I believe this question can be better answered with missing values like rate of the loan from bank etc.

    However, to solve with only the given.

    We take annual income. $4,840 x 12 = $58,080

    To take morgage is 3 times the annual income. $ 58,080 x 3=$174,240

    The maximum loan she she can take out on a house is $174,240
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