Our Question 32 Not yet answered David and Leah want to spend no more that 40 percent of their gross incomo on housing. David makes $80,000 per year as a teacher and Lilch makes $100.000 as an analyst Property taxes and condo fees total $3,000 per month David and Lilah will finance their purchase with a 5 year, 5% fixed rate mortgage an, wth a 25 yeat amortization period. They have saved up 535,000 to use as a down payment for a condo CMHC premiums on mortgage Insurance are given in the table below Mu 1 Marked out of 1000 10 Flag question 19 CMHC Premiums Loan to Value Premium Pro Up to 65% 1% 25 From 65 01% to 75% 290 From 75 01 to 85% 3 Pro From 85% to 95% 00 How much can Lilo and David spend on their condo (price of the condo)? Pro 12 Answer Prol