PLEASE HELP ME ANSWER THIS SHOW ALL WORK GIVE THOROUGH EXPLANATION PLEASE. :

Now you need to calculate the monthly costs for each house (you can ignore any house where you do not have enough money for the minimum down payment). When it comes to the mortgage you have two options. You can choose a 15-year mortgage which has an APR of 6.5% or a 30-year mortgage which has an APR of 7.2%. Homeowners insurance for any of the houses will cost you $600 per year. I Calculate the monthly payments on the 15-year and 30-year mortgages for each house. I Find the monthly taxes and insurance cost for each house. c Find the monthly cost of each individual mortgage. Now need to see which of the mortgages you qualify for. Recently you have received a 6% raise at work. Your bank requires that you be able to cover the cost of the monthly mortgage, taxes, and insurance with 23% of your adjusted monthly income. - Calculate your current monthly salary. I Find your AMI (adjusted monthly income] after your raise. Be sure to include all relevant numberslexpenses from the earlier sections lie the appropriate outstanding loans]. I Using 23% of your AMI, determine your qualifying number. I Based on the qualifying number, which of the mortgages do you qualify for? a What will you decide to do? Justify your choice