The Delgados have a gross monthly income of $6000. Monthly payments on personal loans total $500 Their bank limits the gross debt service ratio at 33% and the total debt service ratio at 42% a. What is the maximum 25-year mortgage loan for which they can qualify on the basis of their income? Assume monthly heating costs of $200 and property taxes of $220 per month. Current mortgage rates are 6.8% compounded semiannually. (Do not round intermediate calculations and round your final answer to the nearest $100.) Maximum mortgage b. What minimum down payment must they have to qualify for the maximum conventional mortgage (80% loan-to-value ratio) on a new home? (Do not round intermediate calculations and round your final answer to the nearest $100.) Minimum down payment Madeline obtained a $225,000 mortgage at 5.25% compounded semiannually for a five year term Monthly payments are calculated using a 25-year amortization At the outset, Madeline decided to round up her monthly payments to the next higher $100. How much less will Madeline owe at the end of the five year term as a result of rounding up her payments than if she had not rounded them up? (Do not round intermediate calculations and round your answer to 2 decimal places.) Madeline will owe $ less