BU241ZA Chapter 7 Assignment Using Exhibits 7-6 and 7-7 in the textbook (pages 262-264) complete the following problems. When finished, input the answers into the Chapter 7 Assignment in Canvas. Answers much be submitted in Canvas by the end of the day on Monday, October 11" Part 1: Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation (see Exhibit 7-6). NOTE: Assume all debt is factored in (e. Example A in textbook exhibit) Monthly gross income = $3,300 Use 40% of monthly gross income as a guideline for PITI & other debt Monthly car payment = $400 Monthly estimate for property taxes and insurance = $300 30-year loan at 4% interest Down payment to be made = 20% of purchase price Question 1 (2 pts) What is the Affordable monthly mortgage payment? Question 2 (1 pt) - What is the Affordable mortgage amount? Question 3 (1 st) - What is the Affordable home purchase amount? Part L. What would be the monthly mortgage payments for each of the following situations? (see Exhibit 7-7) Question 4 (2 pts) - A $160,000, 20-year loan at 6.5 percent. Question 5 (2 pts) - A $215,000, 30-year loan at 7 percent. Part Ill: Tawnie earns $45,000 per year and Phillip earns $35,000 per year. They have $50,000 to use as a down payment on their home purchase. Using the traditional financial guideline suggestion of "two and a half times your salary plus your down payment", calculate the maximum amount they can afford to purchase a house for Question 6 (2 pts)