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5. Beverly Bank is offering 30 -year mortgages at an APR of 4.00%. The bank applies a LTV ratio of 80 percent and a HER

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5. Beverly Bank is offering 30 -year mortgages at an APR of 4.00%. The bank applies a LTV ratio of 80 percent and a HER of 28%. Your new mortgage has a loan balance of 400,000 . a. What is the price of the home purchased? b. What is your home equity? c. What is the monthly mortgage payment? d. What is the minimum gross annual income needed to support the mortgage payment? e. What dollar amount of the first mortgage payment goes towards principal reduction

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