Can Latasha and Jake afford this home using the instaliment debt loan criterion? Next week, your friends Latasha and Jake want to apply to the Third Universal Bank for a mortgage loan. They are considering the purchase of a home . that is expected to cost $215,000. Given your knowledge of personal finance, they've asked for your help in completing the Home Affordability Worksheet that follows. To assist in the preparation of the worksheet, Latasha and Jake also collected the following information: - Their financial records report a combined gross before-tax annual income of $85,000 and current (pre-mortgage) instaliment loan, credit card, and car loan debt of $1,240 per month. - Their property taxes and homeowner's insurance policy are expected to cost $2,150 per year. - Their best estimate of the interest rate on their mortgaje is 7.5%, and they are interested in obtaining a 15 -year loan. - They have accumulated savings of $50,500 that can be used to satisfy the home's down payment and closing costs. - The lender requires a minimum 20% down payment, and instaliment loan affordability ratios that range from a minimum of 33% to a maximum of 38% ssignment: Chapter 05 Making Automobile and Housing Decisions When completing the form, round each dollar amount to the nearest whole dollar. Unless labeled differently, all of the following values represent dollar amounts. Also, some values calculated or used in the upper section of the table may also be used in the lower section. Round your percentage answer to two decimal places.) MAXIMUM AFFORDABLE MORTGMGE LOAN FORMULA where Given these results, which statement regarding Latasha and Jake's mortgage qualification process and the purchase of their $215,000 target home is true? Latasha and Jake do not qualify to purchase their $215,000 target home according to the Installment Debt Affordability Workehere