Sean and Lisa (age 25 and 28, respectively) are purchasing their first home for $200,000 with a 5% down payment. They will withdraw the down payment from Lisa's IRA. They will have to pay ____ on the IRA withdrawal. a. federal income taxes b. an early withdrawal penalty c. Social Security taxes d. a and b e. a, b, and c ____ 14. Pete and Pam want to purchase a new home but don't know how much mortgage they can qualify for. The lender requires total installment loan payments not exceed 32% of gross monthly income. Based on Pete and Pam's financial data below, what is the maximum monthly mortgage payment for which they can qualify? Monthly Gross Income $5,000 Car payment 400 Student loan payment 300 Current rent payment 1,000