Assignment: Chapter 05 Making Automobile and Housing Decisions Can Bob and Cho afford this home using the installment debt loan criterion? Nent berk, your friends Bob and Cho want to apoly to the Third Universal Bark for a mortgage ioan, Ther are considering the purchase of a home that is expected to cost $215,000, Grven vour knowledge of personal finance, they've asked for vour help in compleung the Home Affordability Worksheet that follows: To assest in the preparation of the worksheet, Beb and Cho also collected the following information: - Their finsncial records resort a combined gross before tax annual vicome of $05,000 and currint (pre-mortgage) installient loan, credit card, and car loan debe of $1,240 per monsh. - Ther property taxes and homeowner's insurance polky are expected to cost \$2,150 per year. maxomum of 30% i to two decimal places.) Assignment: Chapter 05 Making Automobile and Housing Decisions Given these results, efiech statement regarding Bob and Cho b mortosge qualificstion peocess and the purchase of then 5215,000 target home is true? Beb and Cho qualify to purchase their \$215,000 target home accerding to the Installment Detat Afordability Woakshett cnterion Bob and Cho do not qasldy to purchase their $215,000 target hoene according to the-Instalment Debe Alfortability Worksheet citenon