Using the maximum ratios for a conventional mortgage, how big a monthly payment could the Sanchez family afford if their gross $($before$-$tax$)$ monthly income amounted to $$4,500?($Hint: Monthly mortgage payments cannot exceed $25$ to $30$ percent of the borrower's monthly gross income and the borrower's total monthly installment loan payments $($including the mortgage payment$)$ cannot exceed $33$ percent to $38$ percent of monthly gross income.$)$

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Would it make any difference if they were already making monthly installment loan payments totaling $$550$ on two car loans?

Maximum mortgage payment they could make would be $

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