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

following situation $($see $$ Exhibit $7-6).($ LO$7\mathrm{.}3)$

Monthly grpss income, $$4,050$

Other debt $($monthly payment$),$ $$180$

$30-$year loan at $6\mathrm{.}5$ percent

Down payment to be made$-15$ percent of purchase price

Monthly estimate for property taxes and insurance, $$305$