(b) Jordan earns an annual salary of $60,000. He is considering buying a house. His lender uses 30% of monthly gross income as a guideline for the maximum PITI (principal repayment, interest, taxes, and insurance). Assume that monthly property taxes and insurance amount to be $540. He can get a 25-year mortgage with annual interest rate of 6%. If he would like to finance 75% of the house, what is the home purchase price that he can afford? (13 marks)