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$1.$ Estimate the maximum house value Emma can afford to buy.

Assume the mortgage that terms that Emma has is based on a fixed$-$rate,

$30-$year maturity, $80\%$ LTV$,$ with no points. The mortgage interest rate that

she was quoted is $7\mathrm{.}50\%$ with monthly payments. Assume that property tax

rate in the city of Oxford is $1\mathrm{.}1\%$ per year based on property value; assume

the hazard insurance premium is $0\mathrm{.}6\%$ per year based on property value and

assume $$85$ per month for maintenance.

Determine the required monthly mortgage payment and the maximum

house value she can afford if she buys.

$(10$ points$)$