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5. Kanye and his wife, Kim, both work and have a combined gross income of $165,000 per year. They estimate the property taxes on their
5. Kanye and his wife, Kim, both work and have a combined gross income of $165,000 per year. They estimate the property taxes on their condo will be $2,100 an insurance would be about $1500 per year. Kim has a car payment of $200 per month and they are both still paying student loans for a combined total of $600 per month. a) Find out how much of a monthly mortgage Kanye and Kim can afford. b) Suppose the couple can get a 30 year loan with a rate of 3.5%, how large of a mortgage could they afford based on the payment you found in part a?
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