Finance
A Kentucky homebuyer's PITI payment is $1,800 per month. The lender requires a maximum front-end ratio of 28%. What is the minimum gross monthly income required?
A$5,400
B$6,000
C$6,428✓ Correct
D$7,200
Explanation
Minimum income = PITI ÷ Front-end Ratio = $1,800 ÷ 0.28 = $6,428.
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