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Emma Jones s plain to move this coming summer. She has not yetdecided whether she wants to rent or buy a property here inMississippi. Her monthly budget is $1500 to cover any housingexpenses including rent or owners' costs (example: mortgage, hazardinsurance, property taxes, and Home Owner Association fees).Estimated the maximum house value she can afford to buy. Assume themortgage is fixed rate, 30 years maturity, 80% LTV, with no points.The interest rate that she was quoted is 4.8% with monthlypayments. The value; the hazard insurance premium is 0.5% per year,and that on average you should consider $50 per month formaintenance.Determine the required monthly payment for the mortgage andmaximum house value she can afford if she buys?