8. After reviewing Matt and Jennifer's personal statement of cash flows, the following information was determined:

Mortgage principal $5,467

Mortgage interest $21,500

Property tax $2,000

Homeowners insurance premium $1,800

The couple has monthly gross income of $9,500. Has this couple taken on debt in excess of what is reasonable for their income, according to benchmarks set by mortgage lenders?

9. In addition to the information given in Question 8, Matt and Jennifer had other annual debt payments of $11,600. Calculate the monthly housing costs and other debt repayments to monthly gross income ratio, Do Matt and Jennifer qualify for a mortgage loan?