Question: Enter the formulas for the spreadsheet that implements this model. A B C D 1 Total Monthly Gross Income $6 comma 500.00 2 Allowable Monthly

Enter the formulas for the spreadsheet that implements this model. A B C D 1 Total Monthly Gross Income $6 comma 500.00 2 Allowable Monthly Housing Expenditure =B1*D2 Max Percentage 0.28 3 Total Non-Mortgage Housing Expenses $350.00 4 Affordable Monthly Mortgage Payment =B2-B3 5 Monthly Installment Debt $700.00 6 Total Affordable Monthly Debt Payments =B1*D6-(B5+B3) Max Percentage 0.36 7 Affordable Monthly Mortgage =B6-B4 8 Monthly Payment per $1000 mortgage $7.15 9 Maximum that can be borrowed 10 Down Payment 25% 11 What one can afford to spend on a house =B9/(100%-B10) How do you solve for maximum to be borrowed

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