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5.2 You are ready to buy a house and you have $50.000 for a down payment and closing costs. Closing costs are estimated to be 4% of the loan value. You have an annual salary of $36,000 and the bank is willing to allow your monthly mortgage payment to be equal to 30% of your monthly income. The interest rate on the loan is 6.5% per year with monthly compounding for a 30-year fixed rate loan a. How much will the bank loan you? (5%) b. How much can you offer? (5%) 5.3 What is the EAR (effective annual rate) for the loan in Problem 5.2? (3%)