Buying a House 1) In Dutchess County, the family median income is $72,471 a year. When creating a budget, you should plan for at least 35% of you income to go towards "Housing: mortgage and property taxes." a) Provided your family makes the median income amount, how much did your budget allow for "housing: mortgage and property taxes" each month? b) Let's assume the bank approves you for a 6.2% annual rate for a 30 year mortgage. For this problem, let's assume you have no property taxes at all (yeah right! Dream on!). If you used your entire housing budget amount towards paying the mortgage with this 6.2% annual rate, then how much could you get a home loan for? Show your work by using the formula to calculate the amount of mortgage you could afford with that budget amount each month