4. Estimating a Monthly Mortgage Payment. Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation (see Exhibit 9-8 ). (Obj. 4)

Monthly gross income, $2,950 Monthly estimate for property taxes and insurance, $210 Down payment to be made—15 percent of purchase price 30-year loan at 8 percent.
Other debt (monthly payment), $160