You are a load officer at the West Elm Savings and Loan. Mr & Mrs. Brady are in your office to apply for a mortgage loan on a house they want to buy. The house has a market value of 160,000. Your bank requires 1/5 of the market value as a down payment.
C. Your bank offers the Bradys a 30 year mortgage with a rate of 5%. At that rate, the monthly payments for principal and interest on the loan will be 5.37for every 1,000 financed. What is the amount of the principal and interest portion of the Bradys' monthly payment.

d. What is the total amount of the interest that will be paid over the life of the loan?

e. Your bank also requires that the monthly mortgage payments include property tax and homeowners insurance payments. If the property tax is 1,710 per eyar and the property insurance is 1458 per year, what is the total monthly payment for PITI?

f. What is the monthly income would be required to qualify for this size mortgage payment?