Attempts Average / 2 1. Do the Math 9-2 eBook Do the Math 9-2 Mortgage Affordability Seth and Alexandra Moore of Elk Grove Village, Illinois have an annual income of $116,000 and want to buy a home. Currently, mortgage rates are 5.0 percent. The Moores want to take out a mortgage for 30 years. Real estate taxes are estimated to be $5,160 per year for homes similar to what they would like to buy, and homeowner's Insurance would be about $1,380 per year. a. Using a 28 percent front-end ratio, what are the total annual and monthly expenditures for which they would qualify? Round your answers to the nearest dollar, Total annual expenditures $ Monthly expenditures $ b. Using a 36 percent back-end ratio, what monthly mortgage payment (including taxes and insurance) could they afford given that they have an automobile loan payment of $460, a student loan payment of $350, and credit card payments of $2102 (Hint: Subtract these amounts from the total monthly affordable payments for their income to determine the amount left over to spend on a mortgage.) Round your answer to the nearest dollar $ c. Using a 36 percent back-end ratio, if the Moores had zero debt, what monthly mortgage payment (including taxes and insurance) could they afford? Round your answer to the nearest dollar