Mortgage Affordability.Paul will be able to save $294 per month (which can be used for mortgage payments) for the indefinite future. If Paul finances the remaining cost of a $111,000 home, after making a $22,200 down payment, (amount to finance $88,800) at a rate of 5% over 30 years, what are his resulting monthly mortgage payments? Can he afford the mortgage?

Paul's resulting monthly mortgage payment is $ _____. (Use your financial calculator and round to the nearest cent.)