James is purchasing a house whose sell price is $550,000. He will be applying for a mortgage from a local bank. The LTV of his loan 90%. He calculated that his monthly housing payment (principal, interest, property tax, and heating bill) would be $2,894. 

What is the amount he needs to show in his bank account including downpayment, closing cost, and reserves for a smooth mortgage loan approval?

Answer rating: 100% (QA)

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