Problem 9-4 Estimating a Monthly Mortgage Payment [LO9-4] Estimate the affordable monthly mortgage payment, the affordable mortgage amount, and the affordable home purchase price for the following situation. (Refer to Exhibit 9-8 and Exhibit 9-9.) Note: Round time value factor to 2 decimal places, intermediate and final answers to the nearest whole number. Monthly gross income Down payment to be made (percent of purchase price) Other debt (monthly payment) Monthly estimate for property taxes and insurance 30-year loan Mortgage Conta $ 4,250 20 Percent $ 220 $ 280 7.0 Percent Affordable monthly mortgage payment Affordable mortgage amount Affordable home purchase price Affordable Amount