**NEED STEP-BY-STEP** You work for a lending institution and are tasked with whether or not to approve a home loan. All applicants are required to have a 20% down payment, and the standard 28/36 ratio is used The loan application is for $230,000. You see that the applicant has an annual salary of $83,000 and a savings account balance of $50,000. The applicant also has a car payment of $315, a student loan of $140 and a boat loan of $96. How likely are you to approve the loan? a. Very likely; recurring debt is considerably less than what is allowed. b. Somewhat likely; recurring debt is very close to what is allowed. c. Not likely; recurring debt is higher than what is allowed. d. There is not enough information given to determine the answer. *the answer is B, but I don't understand how to solve this problem.*