Estimate the affordable monthly mortgage payment the affordable mortgage amount, and the affordable home purchase price for the following situation. Use Exh bit7-6. Exhibit.7.7. (Round your intermediate and final answers to the nearest whole doliar.) Exhibit 7-7 Mortgage Payment Factors (principal and interest factors per $1,000 of loan amount) Exhibit 7-6 Housing Affordability and Mortgage Qualification Amount \begin{tabular}{|c|c|c|} \hline & Example A & Example B \\ \hline Step 1: Determine your monthly gross income (annual income divided by 12). & $48,00012 & $48.00012 \\ \hline Step2Withadownpaymentofatleast5percent,lendersuse33percentofmonthlygrossincomeasaguidelineforPITI(principal,interest,taxes,andinsurance)and38percentofmonthlygrossincomeasaguidelineforPIIplusotherdebtpayments. & 4,0000.38$1,520 & $4,0000.33$1,320 \\ \hline Step3:Subtractotherdebtpayments(e.g.paymentsonanautoloan)andanestimateofthemonthlycostsofpropertytaxesandhomeownersinsurance. & 380300 & -300 \\ \hline (c) Affordable monthly mortgoge poyment & $840 & $1,020 \\ \hline Step4:Dividethisamountbythemonthlymortgagepaymentper$1,000basedoncurrentmortgagerates-an5percent,30-yearloan,forexample(seeExhibit77)-andmultiplyby$1,000. & +$$5.371.000 & $5.37$1.000 \\ \hline (b) Affordoble mortgoge amount. & $156,425 & $189,944 \\ \hline Step5:Divideyouraffordablemortgageamountby1minusthefractionalportionofyourdownpayment(e.g.10.1witha10percentdownpayment) & +09 & 409 \\ \hline (c) Affordable home purchase price & $173,805 & $211.049 \\ \hline \end{tabular} NOTE: The two ratios fending institutions use (step 2) and other loan requirements may vary based on a variety of factors, including the type of mortgage, the amount of the down payment, your income level, credit score, and current interest rates. For example, with a down payment of 10 percent or more and a credit score exceeding 720 , the ratios might increase to 40/45 percent in this exhibit