Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the

following situation. Use Exhibit $7-6,$ Exhibit $7-7.($Round your intermediate and final answers to the nearest whole dollar.$)$

Exhibit $7-6$ Housing Affordability and Mortgage Qualification Amount

NOTE: The two ratios lending 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

the amount of the down payment, your income level, credit score, and current interest credit score exceeding $720,$ the ratios might increase to $\frac{40}{45}$ percent in this exhibit.

Exhibit $7-7$

Mortgage Payment

Factors $($principal

and interest factors

per $$1,000$ of Ioan

amount$)$