Question: Using the information provided, answer the following maximum cash-out question for Fannie and Freddie: Value = $295,000 Current balance = $187,500 Current payment = $1,113

Using the information provided, answer the following maximum cash-out question for

Using the information provided, answer the following maximum cash-out question for Fannie and Freddie: Value = $295,000 Current balance = $187,500 Current payment = $1,113 Closing Costs = 2.5% Prepaids = 1% What is their cash back at closing? Choices: $51,806 $38,537 $49.969 $50,911

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