Can Bob and Cho afford this home using the installiment debt loan criterion? Next week, you frunas bob and Che want to apply to the rahs state fank for a montgage wan. They are conadering the surchase of a hame that is thet follome. To aswst in the preparation of the worksheet, bob and Cho also collected the fabiowing informationi. - Their financal recorda report a combined gross before-tax awsul income ef $145,000 and current (see mortpose) instaithent man, credit cart, and car loan dete of $2,115 per month. - Their property taxes and homeowners insurance policy are expected to cost 53,675 per yese - Their best estimate of the interest rate on their mortgage is 7.5%, and sher are interested in setaling a 15 .year loan. - They have acsumulated savings of 556,500 that can be used to satify the hemes domn parment and doeing coste. - The lender requires a minimum 20% down payment, and insaliment isan affordabulity ralos that range from a minimum of 334 to a maximum of 38% Use eirher your finascial calculstor or the maximum affordable mortgoge ioan formula to complete the following home affordabaity worisheet. (Note: When campleting the form, round asch dollar amount to che nearest whole dollar. Uniess labeied ditterency, al of the following values represent doliar amounts. Also, some values calculated or used in the upper section of the table may also be used in the dower section. Round your percentage answer to two decimar piaces) Given these results, which statement regarding \$ob and Cho's mortgage qualficatisn process and the purchare of their 5245 , 000 target horre is true? Bob and Cho qualify to purchase their $245,000 target home according to the installment Dect Afferdablity Worksheet oriterion. Bco and Cho do not qualify to purchsse their $245,000 tasget home according to the I intaliment Dett Affordablity Wiorksheet erierien