1. You are ready to buy a house and you have $40,000 for a down payment and closing costs. Closing costs are estimated to be 5% of the loan value. You have an annual salary of $100,000. The bank is willing to allow your monthly mortgage payment to be equal to 28% of your monthly income. The APR on the loan is 4% per year with monthly compounding for a 30- year fixed rate loan. (Do this with monthly payments.) A. How much money will the bank loan you? B. How much can you offer for the house