Answer the following:

1

Estimating a Monthly Mortgage Payment. Estimate the affordable monthly mortgage

payment, the affordable mortgage amount, and the affordable home purchase price for the

following situation

Monthly gross income, $2,950

Down payment to be made, 15 percent of purchase price

Other debt (monthly payment), $160

Monthly estimate for property taxes and insurance, $210

30-year loan at 8 percent

show step by step calculation using tables