Question 1 : Please calculate the month mortgage and interest payment and show the clear and step-by-step calculation [1] Recently, you find a house with market value $500,000, interest rate 5.25%, and 20 years term loan. You also put $80,000 as down payment. Please calculate your monthly payment. Question 2 : Please calculate your loan application with 28/36% rule and show the clear and step-by-step calculation. Part A : Calculate the 28% rule [1] Determine the total monthly payment for principle and interest. Please use the mortgage and interest monthly payment from question 1. Your tax escrow is $1,000 and insurance escrow is $125. [2] Determine your monthly income [3] Determine the ratio of mortgage payment to gross monthly income Part B : Calculate the 36% rule [1] Determine your long-term expenses payment: Assuming you have the long-term expenses as follows: -- Car payment $300 -- Credit card $350 -- Students loan $200 -- other person loan $275 [2] Determine your total mortgage payment [3] Determine the ratio of your Long -term debt.