(Comprehensive) You are ready to buy a house, and you have $25,000 for a down payment and closing costs. Closing costs are estimated to be 4% of the loan value. You have an annual salary of $48,000 (monthly income $4000), and the bank is willing to allow your monthly mortgage payment to be equal to 25% of your monthly income. The interest rate on the loan is 7.2% per year with monthly compounding (.6% per month) for a 20-year fixed rate loan. How much money will the bank loan you? How much can you offer for the house?

uestion 28 3.2 points Save A Comprehensivel You are ready to buy a house, and you have $25.000 for a down payment and closing costs. Closing costs are estimated to be 4% of the loan value. You have an annual salary of $48.000 monthly income 540001, and the bank is willing to allow your monthly mortage payment to be equal to 25% of your monthly income. The interest rate on the loan is 7.2% per year with monthly compounding (6 per month for a 20-year fixed rate loan. How much money will the bank loan you? How much can you offer for the house