John and his wife, Jean, both work and have a combined gross income of $$105000$ per year. They estimate the property taxes on their condo will be $$1150$ and insurance would be about $$2000.$ per year. John takes the bus to work, but Jean has a car payment of $$285$ per month, and they are both still paying off student loans for a combined total of $$205$ per month. Use this information to answer the questions below.

Express your answers rounded correctly to the nearest cent!

$($i$)$ Determine how much of a monthly mortgage John and Jean can afford. $($Use the Total Expense Ratio from your class materials.$)$

Payment $=$$

$($ii$)$ If the couple can get a $30-$year mortgage with a fixed rate of $5\mathrm{.}05\%,$ use Excel's PV function to determine how much house they could afford

Amount to Borrow $=$$