The Ability-to-Repay Rule, adopted by the Consumer Financial Protection Bureau in compliance with the Dodd-Frank Wall Street Reform and Consumer Protection Act, requires lenders to determine whether a consumer applying for a Qualified Mortgage can afford to repay the loan. One of the requirements is that the borrower's total monthly debt (including property taxes) cannot exceed 43% of the borrower's monthly pre-tax income. Suppose that the Foleys have applied for a $500,000 Qualified Mortgage with an interest rate of 4%/year compounded monthly and a term of 30 years. The property tax on the home they wish to purchase is $ 6000/year. If the Foleys' annual income is $72,000, will they qualify for the mortgage? (Round your answers to two decimal places.) ..The Foley's. monthly payment would be $ Their monthly income is $ Thus, provided they do not have other significant debts, the Foley's qualify for the mortgage