Bob and Janice want to obtain a loan to buy a new home. If their combined monthly income is $7,500 and the lender uses a 28/36 ratio, what is the maximum monthly payment they can qualify for?

To determine the maximum monthly payment Bob and Janice can qualify for based on a 28/36 ratio, it's important to understand what these numbers mean. The 28% ratio refers to the portion of their gross monthly income that can go towards housing costs, which typically include mortgage payments, property taxes, and insurance. The 36% ratio refers to the total debt obligations, which includes housing costs along with other debts such as car loans, student loans, and credit card payments.

First, we need to calculate 28% of their combined monthly income. With a monthly income of $7,500, we multiply this by 0.28:

$7,500 x 0.28 = $2,100.

This $2,100 represents the maximum allowable amount for their housing expenses under the 28% rule, making it the correct answer since it directly relates to the question of the maximum monthly payment they can qualify for.

While the other options represent differing amounts, they do not correspond to the correct calculation derived from the 28% income criteria, which is a critical measure in assessing affordability for housing payments.