Can Adien and Jesve Alford This Itome Using the Monthly Income tean Criterion?

Next week, your friends Ades and Jesse want to apply to the fouth Globat Baek, for a mortgage loan. They are considering the purchase of a honse that is expected to cost $$155,000.$ Given your knewlodge of persenal fenance, therve asked for your help in ormpleting the Ileene Allendablity Worksheet that follows. $($Note: Whon completing the form, round each dollar amount to the noarest whole dollac.$)$

To assit in the preparation of the werkdiert, Aden and lesse also collected the following infermation:

Theor finanoal records report a combined gross before tax annual income of $$145,000$ and current $($premortgage$)$ installment loan, credit card, and car loun debt of $$2,115$ per month.

Their property taves and homeowner's imsurance policy are expected to cost $$1,550$ per year.

Ther best estimate of the interest rate en their mertgage is $7\mathrm{.}5\%,$ and they are interested in obtaining a is$-$year loan.

They have accumulated savngs of $$38,500$ that can be used to satisfy the homels down payment and dosing costs.

The lender regares a minumum $20\%$ down payment, and an affordatality ratio that ranges from a minum of $25\%$ to a maximum of $30\%4.$

A table of monthly payments $($necessary to repoy a $$10,000$ loan$)$ follows:

$\backslash$table$[[,$Loan Maturity$],[$Interest Rate $(96),10$ Years,$15$ Years,$20$ Years,$25$ Years,$30$ Years$],[5\mathrm{.}0,105\mathrm{.}0655,79\mathrm{.}0794,65\mathrm{.}9956,58\mathrm{.}4590,53\mathrm{.}6827],[5\mathrm{.}5,109\mathrm{.}5263,817083,65\mathrm{.}7597,61\mathrm{.}4087,56\mathrm{.}7789]]$