Tobias and Daphne Peterson, both in their mid$-20$s$,$ have been married for $4$ years and have two preschool$-$age children. Tobias has an accounting degree and is employed

as a cost accountant at an annual salary of $$76,000$ and Daphne has a computer science degree and works as a software engineer for an annual salary of $$105,000.$ They're

now renting a duplex but wish to buy a home in the suburbs of their rapidly developing city. They've decided they can afford a $$545,000$ house and hope to find one with

the features they desire in a good neighborhood.

The insurance costs on such a home are expected to be $$4,000$ per year, taxes are expected to be $$5,000$ per year, and annual utility bills are estimated at $$5,150-$ an

increase of $$750$ over those they pay in the duplex. The Petersons are considering financing their home with a fixed$-$rate, $30-$year, $6$ percent mortgage. The lender charges

$2$ points on mortgages with $20$ percent down and $3$ points if less than $20$ percent is put down $($the commercial bank that the Petersons will deal with requires a minimum of

$10$ percent down$).$ Other closing costs are estimated at $5$ percent of the home's purchase price. Because of their excellent credit record, the bank will probably be willing to

let the Petersons monthly mortgage payments $($principal and interest portions$)$ equal as much as $27$ percent of their monthly gross income. Since getting married, the

Petersons have been saving for the purchase of a home and now have $$114,000$ in their savings account and a money market mutual fund.

How much would the Petersons have to put down if the lender required a minimum $20$ percent down payment? Round the answer to the nearest cent.

$

Could they afford it$?$

Given that the Petersons want to put only $$96,000$ down, how much wolyd total closing costs be$?$ Down payment should be taken into account. Round the answer to

the nearest cent.

$

Considering only principal and interest, how much would their monthly mortgage payments be$?$ Round the answer to the nearest cent.

$

Would they qualify for a loan using a $27$ percent affordability ratio?

Using a $$96,000$ down payment on a $$545,000$ home, what would the Petersons' loan$-$to$-$value ratio be$?$ Round to two decimal places.

$\%$

Assuming monthly property taxes is $$2,500$ and monthly insurance is $$800,$ calculate the monthly mortgage payments on a PIII basis. Round the answer to the