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OpenStudy (anonymous):
Sherri has a gross monthly salary of $4,700. She has a $425 car loan payment and a $330 student loan payment due each month. She also has two credit card loan payments each month, one of $127 and the other of $283. A bank will only give a mortgage loan if the total amount of monthly payments for all loans, including the mortgage, is no more than 36% of the monthly gross income. What is the maximum monthly mortgage loan payment for which Sherri can be approved?
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