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.)

Monthly gross income	$	3,200
Other debt (monthly payment)	$	185
30-year loan at		7	percent
Down payment to be made (percent of purchase price)		20	percent
Monthly estimate for property taxes and insurance	$	235

1. Affordable monthly mortgage payment	$_____
2. Affordable mortgage amount	$_____
3. Affordable home purchase	$_____