Suppose your gross monthly income is ($ 5,500) and your current monthly payments are ($ 625). If
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Suppose your gross monthly income is \(\$ 5,500\) and your current monthly payments are \(\$ 625\). If the bank will allow you to pay up to \(36 \%\) of your gross monthly income (less current monthly payments) for a monthly house payment, what is the maximum loan you can obtain if the rate for a 30 -year mortgage is \(4.65 \%\) ?
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