You are a UMass graduate, whose annual salary is $120,000 and have enough of a down payment for a 20% down-payment on a home. Your only long-term debt is a Range Rover that costs $1,000 per month. The house you want to buy has Taxes and Insurance costs of $1,000 per month. Using the ratios of 28/36 for loan underwriting by your lender: #1 How much principal and interest payment/month can you afford for your mortgage? #2 What is the LTV %? #3 Do you think PMI would be needed for this loan and why? Please show your work! For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac)