Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation using the Total Debt Service ratio. (Refer toExhibit 7-7andExhibit 7-8)(Round time value factor to 2 decimal places, intermediate and final answers to the nearest dollar amounts. Omit the "$" sign in your response.)

Monthly gross income$4,700

Down payment to be made (percent of purchase price)20percent

Other debt (monthly payment)$260

Monthly estimate for property taxes and insurance$1,030

25-year loan at8.5percent

Affordable monthly mortgage payment: $

Affordable mortgage amount: $

Affordable home purchase price: $