Next week, your friends Ryan and Sophia want to apply to the Fourth Global Bank for a mortgage loan. They are considering the purchase of a home that is expected to cost $155,000. Given your knowledge of personal finance, they've asked for your help in completing the Home Affordability Worksheet that follows. (Note: When completing the form, round each dollar amount to the nearest whole dollar.) To assist in the preparation of the worksheet, Ryan and Sophia also collected the following information: Their financial records report a combined gross before-tax annual income of $105,000 and current (premortgage) installment loan, credit card, and car loan debt of $1,531 per month . Their property taxes and homeowner's insurance policy are expected to cost $3,488 per year. . Their best estimate of the interest rate on their mortgage is 7.5%, and they are interested in obtaining a . They have accumulated savings of $38,500 that can be used to satisfy the home's down payment and closing The lender requires a minimum 20% down payment, and an affordability ratio that ranges from a minimum of 15-year loan costs 25% to a maximum of 30% A table of monthly payments (necessary to repay a $10,000 loan) follows: Loan Maturity Interest Rate (Vo) 5.0 5.5 6.0 6.5 7.0 7.5 8.0 10 Years 106.0655 108.5263 111.0205 113.5480 116.1085 118.7018 121.3276 123.9857 15 Years 79.0794 81.7083 84.3857 87.1107 89.8828 92.7012 95.5652 98.4740 101 4267 20 Years 65.9956 68.7887 71.6431 74.5573 77.5299 80.5593 83.6440 86.7823 25 Years 58.4590 61.4087 64.4301 67.5207 70.6779 73.8991 77.1816 80.5227 3 9196 30 Years 53.6822 56.7789 59.9551 63.2068 66.5302 69.9215 73.3765 76.8913 0 4673 Next week, your friends Ryan and Sophia want to apply to the Fourth Global Bank for a mortgage loan. They are considering the purchase of a home that is expected to cost $155,000. Given your knowledge of personal finance, they've asked for your help in completing the Home Affordability Worksheet that follows. (Note: When completing the form, round each dollar amount to the nearest whole dollar.) To assist in the preparation of the worksheet, Ryan and Sophia also collected the following information: Their financial records report a combined gross before-tax annual income of $105,000 and current (premortgage) installment loan, credit card, and car loan debt of $1,531 per month . Their property taxes and homeowner's insurance policy are expected to cost $3,488 per year. . Their best estimate of the interest rate on their mortgage is 7.5%, and they are interested in obtaining a . They have accumulated savings of $38,500 that can be used to satisfy the home's down payment and closing The lender requires a minimum 20% down payment, and an affordability ratio that ranges from a minimum of 15-year loan costs 25% to a maximum of 30% A table of monthly payments (necessary to repay a $10,000 loan) follows: Loan Maturity Interest Rate (Vo) 5.0 5.5 6.0 6.5 7.0 7.5 8.0 10 Years 106.0655 108.5263 111.0205 113.5480 116.1085 118.7018 121.3276 123.9857 15 Years 79.0794 81.7083 84.3857 87.1107 89.8828 92.7012 95.5652 98.4740 101 4267 20 Years 65.9956 68.7887 71.6431 74.5573 77.5299 80.5593 83.6440 86.7823 25 Years 58.4590 61.4087 64.4301 67.5207 70.6779 73.8991 77.1816 80.5227 3 9196 30 Years 53.6822 56.7789 59.9551 63.2068 66.5302 69.9215 73.3765 76.8913 0 4673