Question: 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

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 590000 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 5225 per month. Use this information to answer the questions below Express your answers founded correctly to the nearest centi Determine how much of a monthly mortgage Tobin and Cynthia can afford. (Use the Total Expense Ratio from your class material) Payment - 5 m) 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 - $

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