Given the following information, what maximum monthly mortgage payment (for a home purchase) would the bank be willing to issue based on the 28% debt rule learned about in class? Income $60,000/yr Current monthly debt payments a $350 student loans $450 car loan Calculate the maximum allowed mortgage payment using the 28% rule # Answer (don't put a $ sign)

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Loans

A loan is a term that we are all familiar with. The processing of loans is one of the most important functions of a bank. It keeps our economy stable and facilitates the implementation of monetary policies. Let's take a look at the different forms of loans and get some answers to some common questions.