You are ready to buy a house and you have $40,00 for a down payment and closing costs. Closing costs are estimated to be 4% of the loan value. You have an annual salary of $88,000. The bank is willing to allow your monthly mortgage payment to be equal to 28% of your monthly income. The interest rate on the loan is 4.8% per year with monthly compounding for a 30-year fixed rate loan. How much money will the bank loan you? How much can you offer for the house?