As you are applying for your mortgage loan you the you to payment not exceed $1640 for the loan and your Escrow payments, which include your property taxes, and your insurance payments. Your annual property taxes are $3,600 and your annual insurance bill is 480The bank w ee approve your loan years at 3.45% if you agreed to make down payment of 5% and have your payment equal 37of your gross monthly income Based upon this information

a)What is your Gross Monthly Income that includes the Escrow amounts?

b)What must your annual salary be in order to cover your full mortgage payment obligations including escrow?

c)What is the amount of the monthly payment for principal and interest only?

d)What is the amount the bank will approve?

What is the total cost you can pay for the house?

e) Is you make all the loan payments as agreed for the entire period, what will be the total amount of interest that you will have paid at the end of the mortgage loan?