Ongoing monthly ownership costs are calculated below. Taxes and Insurance are quoted for the year, divide by $12$ to get the monthly portion $($placed in an Escrow account and paid by the lender on their behalf$).$

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What is the amortization amount for a $30-$year loan at $7\mathrm{.}5\%?$

Ongoing Monthly Ownership Costs

Category Amount

Fixed$-$rate $30-$year mortgage at $7\mathrm{.}5\%$ $

Taxes $$1350($annually$)$ $

Homeowners Insurance $($$$540$ annually$)$ $

Total $

Based on their current budget $($from question #$1),$ can Ian and Tami afford this house $($yes$/$no$)?$