Finance
A Washington borrower's monthly principal and interest payment is $2,100. The lender requires the housing expense ratio not to exceed 28%. What minimum monthly gross income is required?
A$5,880
B$7,000
C$7,500✓ Correct
D$8,400
Explanation
Required income = Payment ÷ Max Ratio = $2,100 ÷ 0.28 = $7,500.
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