6 7 Question 16 13 Not yet answered 14 Marked out of 10.00 P Flag question You are ready to buy a house, and you have $50,000 for a down payment and closing costs. Closing costs are estimated to be 2% of the loan value. You have an annual salary of $40,000, and the bank is willing to allow your monthly mortgage payment to be equal to 20% of your marily income. The interest rate on the loan is 4% per year with quarterly compounding for a 10-year fixed rate loan. Q1: How much money will the bank loan you at max.? Q2: How much can you offer for the house? Please show all your calculations to gain partial points. (Do not use thousand seperator, and use " " as a decimal seperator) Formula Sheet: https://lms.ozyegin.edu.tr/pluginfile.php/244586/mod_resource/content/3/Formulas%20for%20Midterm.pdf PV & FV Tables: https://lms.ozyegin.edu.tr/pluginfile.php/244588/mod_resource/content/1/FV_PV_Tables.pdf Answer: Next page Previous page Activate Windows