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Can Olivia and Anthony Afford This Home Using the Monthly Income Loan Criterion? Next week, your friends Olivia and Anthony want to apply to the Fourth Global Bank for a mortgage loan. They are considering the purchase of a home that is expected to cost $125,000. Given your knowledge of personal finance, they've asked for your help in completing the Home Affordability Worksheet that follows. (Note: When completing the form, round each dollar amount to the nearest whole dollar.) To assist in the preparation of the worksheet, Olivia and Anthony also collected the following information: Their financial records report a combined gross before-tax annual income of $125,000 and current (premortgage) installment loan, credit card, and car loan debt of $1,823 per month. Their property taxes and homeowner's insurance policy are expected to cost $3,125 per year. Their best estimate of the interest rate on their mortgage is 7.5%, and they are interested in obtaining a 15-year loan. They have accumulated savings of $32,500 that can be used to satisfy the home's down payment and closing costs. The lender requires a minimum 20% down payment, and an affordability ratio that ranges from a minimum of 25% to a maximum of 30% A table of monthly payments (necessary to repay a $10,000 loan) follows: Interest Rate (%) 5.0 5.5 6.0 10 Years 106.0655 108.5263 111.0205 113.5480 116.1085 118.7018 121.3276 123.9857 126.6758 6.5 Loan Maturity 15 Years 20 Years 79.0794 65.9956 81.7083 68.7887 84.3857 71.6431 87.1107 74.5573 89.8828 77.5299 92.7012 80.5593 95.5652 83.6440 98.4740 86.7823 101.4267 89.9726 25 Years 58.4590 61.4087 64.4301 67.5207 70.6779 73.8991 30 Years 53.6822 56.7789 59.9551 63.2068 66.5302 69.9215 73.3765 76.8913 80.4623 7.0 7.5 8.0 77.1816 8.5 80.5227 83.9196 9.0 9.5 129.3976 104.4225 93.2131 87.3697 84.0854 10.0 132.1507 107.4605 96.5022 90.8701 87.7572 (Note: 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.) Home Affordability Worksheet Based on Monthly Income High Value Low Value Amount 1. Annual income 2. Monthly income 30% 25% 3. Lender's monthly income affordability ratio 4. Maximum monthly mortgage payment (PITI) 7.5% 15 5. Estimated monthly property tax and insurance payment 6. Maximum monthly loan payment (P and I only) 7. Expected interest rate 8. Planned loan maturity (years) 9. Mortgage payment factor per $10,000 (from the Loan Maturity table) 10. Maximum loan based on monthly income 11. Funds Available for a Down Payment and Closing Costs 12. Required (20%) Down Payment 13. Maximum Purchase Price Based on Monthly Income Given these results, which statement regarding Olivia and Anthony's mortgage qualification process and their purchase of their $125,000 target home is true? O Olivia and Anthony do not qualify to purchase their $125,000 target home according to the Monthly Income Affordability Worksheet criterion. O Olivia and Anthony qualify to purchase their $125,000 target home according to the Monthly Income Affordability Worksheet criterion. Can Olivia and Anthony Afford This Home Using the Monthly Income Loan Criterion? Next week, your friends Olivia and Anthony want to apply to the Fourth Global Bank for a mortgage loan. They are considering the purchase of a home that is expected to cost $125,000. Given your knowledge of personal finance, they've asked for your help in completing the Home Affordability Worksheet that follows. (Note: When completing the form, round each dollar amount to the nearest whole dollar.) To assist in the preparation of the worksheet, Olivia and Anthony also collected the following information: Their financial records report a combined gross before-tax annual income of $125,000 and current (premortgage) installment loan, credit card, and car loan debt of $1,823 per month. Their property taxes and homeowner's insurance policy are expected to cost $3,125 per year. Their best estimate of the interest rate on their mortgage is 7.5%, and they are interested in obtaining a 15-year loan. They have accumulated savings of $32,500 that can be used to satisfy the home's down payment and closing costs. The lender requires a minimum 20% down payment, and an affordability ratio that ranges from a minimum of 25% to a maximum of 30% A table of monthly payments (necessary to repay a $10,000 loan) follows: Interest Rate (%) 5.0 5.5 6.0 10 Years 106.0655 108.5263 111.0205 113.5480 116.1085 118.7018 121.3276 123.9857 126.6758 6.5 Loan Maturity 15 Years 20 Years 79.0794 65.9956 81.7083 68.7887 84.3857 71.6431 87.1107 74.5573 89.8828 77.5299 92.7012 80.5593 95.5652 83.6440 98.4740 86.7823 101.4267 89.9726 25 Years 58.4590 61.4087 64.4301 67.5207 70.6779 73.8991 30 Years 53.6822 56.7789 59.9551 63.2068 66.5302 69.9215 73.3765 76.8913 80.4623 7.0 7.5 8.0 77.1816 8.5 80.5227 83.9196 9.0 9.5 129.3976 104.4225 93.2131 87.3697 84.0854 10.0 132.1507 107.4605 96.5022 90.8701 87.7572 (Note: 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.) Home Affordability Worksheet Based on Monthly Income High Value Low Value Amount 1. Annual income 2. Monthly income 30% 25% 3. Lender's monthly income affordability ratio 4. Maximum monthly mortgage payment (PITI) 7.5% 15 5. Estimated monthly property tax and insurance payment 6. Maximum monthly loan payment (P and I only) 7. Expected interest rate 8. Planned loan maturity (years) 9. Mortgage payment factor per $10,000 (from the Loan Maturity table) 10. Maximum loan based on monthly income 11. Funds Available for a Down Payment and Closing Costs 12. Required (20%) Down Payment 13. Maximum Purchase Price Based on Monthly Income Given these results, which statement regarding Olivia and Anthony's mortgage qualification process and their purchase of their $125,000 target home is true? O Olivia and Anthony do not qualify to purchase their $125,000 target home according to the Monthly Income Affordability Worksheet criterion. O Olivia and Anthony qualify to purchase their $125,000 target home according to the Monthly Income Affordability Worksheet criterion