2. Hector and Maria have been married for almost one year now and are thinking about buying a house. Together they make $8,000 in gross monthly income. Between them they have monthly payment of $300 in student loans and $500 in car loans. Estimated monthly real estate tax and insurance $250. Funds available for down payment and closing costs $60,000 where closing costs is $10,000 Local bank is currently offering an APR of 8% (compounded monthly) with a loan maturity of 30 year. Minimum down payment is 20%. A. Based on the 36 percent rule, what is their maximum monthly mortgage payment? B. Based on the 28 percent rule, what is their maximum monthly mortgage payment? C. Based on the 80 percent appraised value rule, what is their maximum monthly mortgage payment? D. Given the all information, what is the maximum amount of mortgage loan they will qualify for? 2. Hector and Maria have been married for almost one year now and are thinking about buying a house. Together they make $8,000 in gross monthly income. Between them they have monthly payment of $300 in student loans and $500 in car loans. Estimated monthly real estate tax and insurance $250. Funds available for down payment and closing costs $60,000 where closing costs is $10,000 Local bank is currently offering an APR of 8% (compounded monthly) with a loan maturity of 30 year. Minimum down payment is 20%. A. Based on the 36 percent rule, what is their maximum monthly mortgage payment? B. Based on the 28 percent rule, what is their maximum monthly mortgage payment? C. Based on the 80 percent appraised value rule, what is their maximum monthly mortgage payment? D. Given the all information, what is the maximum amount of mortgage loan they will qualify for