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Order to qualify for the loan

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Suppose that in order to qualify for the loan, the total monthly amount paid cannot exceed 30 percent of monthly income. What is the minimum monthly income needed to qualify for the loan? What is the minimum annual income needed? (Note: This is a simplified minimum income requirement calculation, for the purposes of this activity, as it does not take into account other costs such as insurance or other loans or assets currently held.)

Reference no: EM131206016

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