2 Janice and Ronald have decided to finance their first home with First American Bank. They are buying their home for $210,000 and making a 20 percent down payment. They will also be paying $3,000 in closing costs. First American has offered them the following mortgage alternatives: Loan Term #of Pts Monthly Payment $953 Interest Rate 5.5 percent fixed Caps 30 years 1 2 5 percent fixed 30 years 2 $902 3 3.5 percent fixed 15 years 1 $1,201 4.75 percent ARM 30 years 2 $876 1% per year 5% total 5 4.75 percent ARM 30 years 2 $876 0% first 2 years 2% per year thereafter Assuming the taxes and insurance on this home will be $150 per month and the lender requires a front-end ratio of 0.31, how much will Janice and Roland's monthly gross income need to be to qualify for loan 1