$1$ point

Financial planners argue that the total housing expense $($including principal, interest, property tax, and insurance$)$ should not exceed $28\%$ of an individual's gross monthly income.

Sofia Moore earns $$180,000$ per year and would like to purchase a home valued at $$500,000.$ The mortgage amount would be $$400,000$ for a $30-$year term at an annual percentage rate $($APR$)$ of $6\mathrm{.}65\%.$ In Texas, property taxes are $1\mathrm{.}60\%$ of the property value, and insurance costs are $1\mathrm{.}25\%$ of the property value per year. Assume that she is required to pay the property taxes and insurance proportionally each month.

Calculate the percentage of Sofia $\text{'}$s gross monthly income that would go towards the cost of home ownership, including the mortgage payment, propetty tax, and insurance.

$[$Enter the answer as a decimal with four digits after the decimal'point.$]$

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