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. (Do not round intermediate calculations. Round your answers to the nearest whole doller.) Exhibit 7-7 Mortgage Payment Factors (principal and interest factors per $1,000 of loan amount) xhibit 7-6 Housing Affordability and Mortgage Qualification Amount Step 1: Deterrine your monthly gross income (annual income divided by 12). Step 2: With a down payment of at least 5 percent, lenders use 33 percent of monthly gross income as a quideline for PITI (principal, interest, taxes, and insurance) and 38 percent of monthly gross income as a guideline for PITI plus other debt payments. Step 3. Subtract other debt payments (e. 9. payments on an outo loan) and an estimate of the monthly costs of property taxes and homeowner's insurance. (a) Alfordoble monthly mortgage poyment Step 4. Divide this amount by the monthly mortgage payment per $1.000 bosed on current mortgage rates - an 5 percent, 30-year loan, for example (see Exhibit 7-7)and multiply by $1,000. (b) Alfordable mortgoge omount Step 5: Divide your affordabie montgage amount by 1 minus the fractional portion of. your down payment feg-1 - 0.1 with a 10 percent down payment) (c) Affordobie home purchone price $173.805 \$211,049