Finance
A Maine borrower applies for a $300,000 mortgage. The lender requires a debt-to-income ratio of no more than 43%. If the borrower's monthly gross income is $7,000, the maximum total monthly debt is:
A$2,500
B$3,010✓ Correct
C$3,500
D$3,750
Explanation
Maximum monthly debt = $7,000 × 43% = $3,010. To solve this, multiply the relevant values: $300,000 and $7,000, at 43%.. The correct answer is $3,010.. This is a common calculation on the Maine real estate exam.
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