If loan to value (LTV) is greater than 80% but less than or equal to 86%:0.36% of loan amount per year If LTV is greater than 86%:0.98% of loan amount per year If LTV is 80% or less, PMI is not needed. Question: What is the maximum purchase price of the house for which you can pay all your housing obligations without blowing past your $1475/month budget? (35 points) In addition, fill in the values of each component for partial credit. Hint: Just doing a TVOM calculation with a $1475 payment and solving for present value is NOT the right way to do it. The payment is only one of the components which figures into the $1475 budget you have. Feel free to do the work to the side and type in your answers below. House Price: Amount Expense Category Monthly Principal and Interest (payment) Monthly Maintenance Monthly Homeowner's Insurance Monthly Property Tax Monthly PMI Total Monthly Obligations If loan to value (LTV) is greater than 80% but less than or equal to 86%:0.36% of loan amount per year If LTV is greater than 86%:0.98% of loan amount per year If LTV is 80% or less, PMI is not needed. Question: What is the maximum purchase price of the house for which you can pay all your housing obligations without blowing past your $1475/month budget? (35 points) In addition, fill in the values of each component for partial credit. Hint: Just doing a TVOM calculation with a $1475 payment and solving for present value is NOT the right way to do it. The payment is only one of the components which figures into the $1475 budget you have. Feel free to do the work to the side and type in your answers below. House Price: Amount Expense Category Monthly Principal and Interest (payment) Monthly Maintenance Monthly Homeowner's Insurance Monthly Property Tax Monthly PMI Total Monthly Obligations