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Juan and his wife, Cynthia, both work and have a combined gross income of $85000 per year. They estimate the property taxes on their condo

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Juan and his wife, Cynthia, both work and have a combined gross income of $85000 per year. They estimate the property taxes on their condo will be $1550 and insurance would be about $1620 per year. Juan takes the bus to work, but Cynthia has a car payment of $255 per month, and they are both still paying off student loans for a combined total of $270 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 Juan and Cynthia can afford. (Use the Total Expense Ratio from your class materials.) Payment = $ (ii) If the couple can get a 25-year mortgage with a fixed rate of 8.25%, use Excel's PV function to determine how much house they could afford Amount to Borrow = $

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