Marcia wants to buy a home. Her monthly gross income is $12,500. She currently has a car payment of $750/month and a student loan payment of $600/month. The bank wants her to escrow $1,100/month for taxes and insurance. The bank requires the following income and loan ratios;

a minimum down payment of 20%,

a P&I ratio < 25%,

a P, I, T, & HI ratio < 28%,

a P, I, T, HI and other debt service ratio < 33%, and

a LTV ratio of 80% or less.

What is the maximum market value of a home that Marcia could purchase given a current market rate on a 30-year fixed rate loan is 5.20%? (Round answer to nearest whole number.)

How much must Marcia have for the down payment? (Round answer to nearest whole number.)