Problem 9 Assume a conventional FNMA insured $417,000 mortgage. The PTI and TDR ratios limits for this mortgage are given as 28% and 36% respectively. Gina earns per year gross income equal to $100,000. She has student loan costs equal to $5,000/year, she makes car payments equal to $400/month, and she has no credit card debt. She also pays annual property taxes equal to $10,000. a) What is the most Gina can pay per month for the mortgage? b) What would be the biggest 30 year FA-FRM Gina can obtain if the annual rate of interest is 7.00%

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