MY NOTES DETAILS ASK YOUR TEACHER PRACTICE ANOTHER [-/3 Points) To buy you borrow $26.000 with a term of five years at an APRO 5. What is your monthly payment (Round your answer to the nearest cant) 5 How much total interest is paid? (Round your answer to the nearest cont.) 10/3 Points DETAILS PREVIOUS ANSWERS MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER Asume that you take out a 58000 ton for 40 month at 8. APR. How much total interest will you have paid at the end of the 40 months? (Hound your answer to the rest cent) 32.00 X S. [-/3.5 Points) DETAILS MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER The following steps Mustrate how we determine a maximum recommended monthly mortgage payment. You will do a very similar calculation in the Finance Project Assume that our annual income is $77,000 and at we have no other debt What is our monthly income (ound your answer to the nearest Gent.) Hint Your annual salary is broken into 13 equal money mayments Landing agences all require that no more than 30% of the borrower's monthly income be spent on housing. How much does that represent in our case (Round your answer to the nearest cant) The amount we will spend on housing consists of our monthly mortgage payment plus property taxes and hard in Assume that property to plus insurance total $250 per month and Subtract this from the amount of our monthly income we can send on housing to determine what maximum monthly payment we can afford in the eyes of the lending agency (round your answer to the nearest cent)