answer to number 4 and 5

answers to these

4. Let's purchase a house valued at $225,000 by making a 10% down payment and financing the rest with a 30 year loan at 7%. The yearly homeowner's insurance is $600, and property taxes will be 1.5% (of the property value) a year. We'll be paying for this every month too. What will be our total monthly payments, including principal, interest, taxes and insurance? 4b. Mortgage lenders tell us that our monthly housing expenses (loan payment + tax and insurance) should not, exceed 28% of our gross monthly income. If you make $50,000 a year, what is the maximum monthly housing expense you can afford? Can you afford the house in 4a. ? Explain. 5. You have a home mortgage of $150,000 with an interest rate of 4.5% for 30 years. Calculate your monthly payment. How much of your first monthly payment is interest