1. You just got your first job and you want to buy a home. Your dad told you that your monthly house and property tax payment should not exceed 35% of your disposable monthly income. You found you can obtain a 30-year home loan for 5.95% annual interest per year, compounded monthly. Your monthly property tax payment will be approximately $200. What is the maximum amount you can pay for a house if your disposable monthly income is $2400 (and you plan to follow your dads advice)?