Finance
A borrower in Alaska has a gross monthly income of $8,000. Using the standard 28% front-end ratio, what is the maximum allowable PITI payment?
A$1,680
B$2,080
C$2,240✓ Correct
D$2,560
Explanation
The front-end (housing) ratio multiplies gross monthly income by 28%. $8,000 × 28% = $2,240.
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