Problem $7-5($LO$7\mathrm{.}3)$

Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price fo following situation. Use Exhibit $7-6,$ Exhibit $7-7.($Round your intermediate and final answers to the nearest whole dollar.$)$

Monthly gross income

Other debt $($monthly payment$)$

$30-$year loan at

Down payment to be made $($percent of purchase price$)$

$$3,475$

Monthly estimate for property taxes and insurance

$$235$

$6$ percent

$15$ percent

$$210$

Affordable monthly mortgage payment

Affordable mortgage amount

Affordable home purchase