You recently graduated from MSU and now earn an annual salary of $68,000. Two years ago, you purchased a car from your uncle and have been paying $350.00 a month. You have another year to go. You are now ready to participate in the American Dream, and contemplate buying a house. Current 30 year mortgage rates are at a low annual rate of 3.50%. You must put 10% as a down payment on any house that you buy. Your monthly mortgage payment must be equal to 35% of your gross monthly income.You want to buy the house on Main Street. When you tell the mortgage officer about your $350 car payment, the officer says If it doesn't show up on your credit report, we don't have to consider it. And it will be gone in a year anyway". So, the mortgage company approves your loan. You know that the required mortgage payment will be almost impossible to pay until you finish paying car payments, but you don't want to wait another year because you fear that interest rates and house prices might go up. Answer the following questions (Be sure to answer each question by indicating a), b), c), etc.: a) How much are your monthly mortgage payments? (2) b) What much can you borrow from the bank? (2) c) How much can you offer for the house ? (3) d) How much do you need for the down payment? (2) e) Do you agree with the officer's comment? Why or why not? (2) f) If the loan goes bad, who is at fault? Why? (2) g) What should you do? Why? (2)