(6 points) John and his wife, Joanne, both work and have a combined gross income of $95000 per year. They estimate the property taxes on their condo will be $1250 and insurance would be about $1390 per year. John takes the bus to work, but Joanne has a car payment of $205 per month, and they are both still paying off student loans for a combined total of $250 per month. Use this information to answer the questions below. Express your answers rounded correctly to the nearest cent! (i) Determine how much of a monthly mortgage John and Joanne can afford. (Use the Total Expense Ratio from your class materials.) Payment = $ (ii) If the couple can get a 30-year mortgage with a fixed rate of 7.3%, use Excel's PV function to determine how much house they could afford Amount to Borrow = $ (6 points) John and his wife, Joanne, both work and have a combined gross income of $95000 per year. They estimate the property taxes on their condo will be $1250 and insurance would be about $1390 per year. John takes the bus to work, but Joanne has a car payment of $205 per month, and they are both still paying off student loans for a combined total of $250 per month. Use this information to answer the questions below. Express your answers rounded correctly to the nearest cent! (i) Determine how much of a monthly mortgage John and Joanne can afford. (Use the Total Expense Ratio from your class materials.) Payment = $ (ii) If the couple can get a 30-year mortgage with a fixed rate of 7.3%, use Excel's PV function to determine how much house they could afford Amount to Borrow = $