Britney and Barney Berceau are seeking a mortgage loan to buy their first home. Barney earns $2,800 per month as a chef. Britney's salary as a payroll accountant is $41,520 per year. Their lender's policy is to limit the monthly principal and interest payment to 28% of the borrower's gross pay. What is the maximum monthly P & I payment amount for which Britney and Barney can qualify? Round to whole dollars. Pauline Pasteur is looking at a house that is priced at $178,000. She plans on making a $30,000 down payment and feels that her absolute maximum monthly payment for principal and interest is $1,200. Ms. Pasteur seeks a 15-year mortgage which she has seen advertised at 6.25% . Based on her required maximum monthly payment, can she afford this house? Berdine and Beau Bourgeois have found a house they want to buy. They will need to borrow $169,000 and are now shopping around for a loan. Beau found a 30-year loan at 6.75%, but thinks he can do better. By how much would their monthly payment drop if they could find a loan at a rate that is one-half percentage lower? Payment at outstanding 6.75% rate |N= |i/y= |PV= PMT= |FV= What is the new rate? Payment with lower rate |N= i/y= PV= PMT= |FV=