You are a loan officer at the West Elm Savings and Loan. Mr$.$ and Mrs$.$ Brady are in your office to apply for a mortgage loan on a house they want to buy. The house has a market value of $$170,000.$ Your bank requires $15$ of the market value as a down payment.$($a$)$What is the amount $($in $$)$ of the down payment?$ Incorrect: Your answer is incorrect.$($b$)$What is the amount $($in $$)$ of the mortgage for which the Bradys are applying?$ Incorrect: Your answer is incorrect.$($c$)$Your bank offers the Bradys a $30$ year mortgage with a rate of $5\%.$ At that rate, the monthly payments for principal and interest on the loan will be $$5\mathrm{.}37$ for every $$1,000$ financed. What is the amount $($in $$)$ of the principal and interest portion of the Bradys' monthly payment?$ Incorrect: Your answer is incorrect.$($d$)$What is the total amount $($in $$)$ of interest that will be paid over the life of the loan?$ Incorrect: Your answer is incorrect.$($e$)$Your bank also requires that the monthly mortgage payments include property tax and homeowners insurance payments. If the property tax is $$1,710$ per year and the property insurance is $$1,458$ per year, what is the total monthly payment $($in $$)$ for PITI $($principal$,$ interest, taxes, and insurance$)?$$ Incorrect: Your answer is incorrect.$($f$)$To qualify for the loan, bank rules state that mortgage payments cannot exceed $14$ of the combined monthly income of the family. If the Bradys earn $$3,750$ per month, will they qualify for this loan?Yes, they will qualify.No$,$ they will not qualify. Correct: Your answer is correct.$($g$)$What monthly income $($in $$)$ would be required to qualify for this size mortgage payment?$ Incorrect: Your answer is incorrect. Need Help? Read It