Tobin and his wife, Cynthia, both work and have a combined gross income of $90000 per year. They estimate the property taxes on their condo will be $1200 and insurance would be about $1940 per year. Tobin takes the bus to work, but Cynthia has a car payment of $275 per month, and they are both still paying off student loans for a combined total of $220 per month. Use this information to answer the questions below. Express your answers rounded correctly to the nearest cent!

(i) Determine how much of a monthly mortgage Tobin and Cynthia can afford. (Use the Total Expense Ratio from your class materials.) Payment = $

(ii) If the couple can get a 15-year mortgage with a fixed rate of 7%, use Excel's PV function to determine how much house they could afford. Round your answer to the nearest $ 100. Amount to Borrow = $