If a family's gross annual income is $57,000, use appropriate computations to determine whether the family can afford a $180,000 20-year fixed-rate mortgage at 4 4%. Choose the correct answer below.

A.

The family can afford the mortgage because the monthly payment is

greater than what they should pay each month.

B.

The family can afford the mortgage because the monthly payment is less than what they should pay each month.

C.

The family cannot afford the mortgage because the monthly payment is less than what they should pay each month.

D.

The family cannot afford the mortgage because the monthly payment is greater than what they should pay each month.