Suppose your annual income is $50,000 and your lender will allow you to have a mortgage payment that combined with other debt payments and property taxes, which in your case amount to $500 per month, is no more than 33% of your monthly income. If the current 30-year mortgage rate is 5%, approximately how large a mortgage can you qualify for (assuming you have the required cash for the necessary down payment)? $160,000 $161,000 $162,000 $163,000 none of the above
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