You are looking at buying your first home. Your annual salary is $57,900. The bank has approved your application for a thirty year (30) mortgage at a rate of 4.25% per year, as long as your mortgage payments will have to equal 32% of your gross monthly income. You need to have a 5% down-payment towards the purchase price of the house. What is the amount of your monthly payments? You are looking at buying your first home. Your annual salary is $57,900. The bank has approved your application for a thirty year (30) mortgage at a rate of 4.25% per year, as long as your mortgage payments will have to equal 32% of your gross monthly Income. You need to have a 5% down-payment towards the purchase price of the house. What is the amount of the mortgage that the Bank will approve based upon your payments? You are looking at buying your first home. Your annual salary is $57,900. The bank has approved your application for a thirty year (30) mortgage at a rate of 4.25% per year, as long as your mortgage payments will have to equal 32% of your gross monthly income. You need to have a 5% down payment towards the purchase price of the house. What is the maximum price of a house that you can buy with the approved mortgage loan and the required down-payment