Section 11 Homework: Problem 11 Previous Problem Problem List Next Problem (6 points) Tobin and his wife, Cynthia, both work and have a combined gross income of $90000 per year. They estimate the property taxes on their condo will be $1400 and insurance would be about $1920 per year. Tobin takes the bus to work, but Cynthia has a car payment of $315 per month, and they are both still paying off student loans for a combined total of $225 per month. Use this information to answer the questions below Express your answers rounded correctly to the nearest centl () Determine how much of a monthly mortgage Tobin and Cynthia can afford (Use the Total Expense Ratio from your class materials) Payment $ (ii) If the couple can get a 20-year mortgage with a fixed rate of 5.4 %, use Excel's PV function to determine how much house they could afford Amount to Borrow $